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Weibo launches NFT marketplace with feature to mint posts By BTC Peers


Weibo introduces NFT Marketplace with the ability to mint posts

Weibo, a Chinese social media platform (NASDAQ:), launched its new NFT marketplace TopHolder on Thursday. Twitter (NYSE) is the equivalent. It introduces a feature that lets users mint NFTs and sell original posts.

The social media company states that interested users must pass internal KYC checks to gain access to new features. If found guilty, they will be subject to penalties. The details of how defaulters will be punished are still to be determined.

TopHolder also prohibits users from asset flipping. The policy encourages transfers to be free after a 180 day holding period.

Recent trends in Chinese NFT markets include the implementation of self-regulatory guidelines for their platforms. These are due to state-backed media warnings about NFT hype.

Following the rising rate of financial crimes disguised as metaverse, NFT, and cryptocurrency projects, China Supreme People’s Procuratorate has warned of the “severe punishment” set in store for financial crimes such as illegal fundraising and money laundering.

Tech giants in China responded by vowing to end speculation in their NFT markets. AntChain imposed a 180-day transfer freeze on its platform, while Tencent placed a blanket ban against secondary transfers.

Tencent also recently rebranded its NFT features to “digital collectibles,” against the backdrop of NFT criticism by multiple Chinese state media agencies.

NFTs, the metaverse and other speculations are not prohibited in China, contrary to cryptocurrencies, which have been under severe scrutiny.

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