Black_background_logo_BitcoinWorld-removebg-preview
Weibo
Latest News

Weibo introduces the NFT marketplace, which allows users to mint posts

Weibo, a Chinese social media network with with 249 million daily active users, unveiled its non-fungible token (NFT) marketplace TopHolder on Thursday, allowing users to mint and sell NFTs based on their original postings.

Before minting and selling NFTs on TopHolder, users must first pass an internal KYC verification process.

If their NFTs are proven to be plagiarized from other users, participants face penalties. Although a representative from the marketplace explains that there is presently no public decision on how violators will be dealt with.

Users are also prohibited from flipping assets on the marketplace, and free transfers are only permitted after a 180-day holding period.

As state-controlled media warned against speculation in the NFT market, Chinese NFT marketplaces began imposing self-regulatory restrictions on their platforms.

Alibaba’s blockchain subsidiary AntChain has imposed a 180-day transfer lock on its network, while Tencent has a blanket restriction on secondary transfers on its platform.

Related Posts – Bank DBS’s Crypto Business Grows Massively Due To Growing Demand From Investors

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.