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.
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