Weibo Launches NFT Marketplace – But No Flipping Here

21st March 2022
Weibo Launches NFT Marketplace – But No Flipping Here
Image Credit: Bread News

Chinese social media platform Weibo has launched its own NFT marketplace called TopHolder.

On Thursday, Weibo introduced the marketplace which allows to mint and sell their original posts as NFTs.

However, with tight regulation surrounding cryptocurrency coming from Beijing, Weibo’s new platform came with a few disclaimers.

To use the platform, users must complete internal KYC checks and will face penalties for plagiarism.

TopHolder is also prohibiting flipping NFTs in line with warnings from state-backed media surrounding the NFT hype. Instead, TopHolder will be encouraging free transfers after a 180-day holding period.

Concerned that NFTs could “easily become money-laundering tools”, Chinese state officials have said that there may be a need to regulate these sectors in the same manner it polices crypto assets.

AntChain also imposed a 180-day transfer lock on its NFT platform, whilst Tencent placed a blanket ban on secondary market transfers, whilst rebranding “NFTs” as “digital collectibles”.

Most recently, Shanghai police nabbed more than 10 individuals connected to a US$16 million cryptocurrency-based pyramid scheme, in what was the city’s first such case that was cracked.

Written by Bread News Team
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