China’s popular application Weibo, which has 249 million daily active users, announced that it has stepped into the world of NFT.
China’s Twitter-like social media app Weibo has launched an NFT platform called TopHolder, which allows users to convert their original posts into NFTs and sell them.
Weibo Enters NFT Industry with TopHolder
It has been reported that users must go through the KYC verification process before creating NFT in TopHolder.
It was stated that if NFTs are found to be stolen by other users, they will be penalized. However, a representative from the company said there is currently no public decision on how to handle this.
The platform also prohibits users from flipping assets and only allows free transfers after a 180-day holding period has been completed.
China’s state-sponsored media echoed warnings against speculation in NFT markets, while NFT platforms operating in China began to implement self-regulating guidelines.
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