China social platform Weibo launches its new NFT marketplace

On Thursday, Weibo, a China-based major social media platform with 249 million daily active users, launched TopHolder, an NFT marketplace that allows users to mint and sell their NFTs.

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

If their NFTs are proven to be copied from other users, participants will face penalties, although a representative from the marketplace told Forkast that there is currently no public decision on how violators would be handled with.

The marketplace is also banning users from flipping assets and only permits free transfers after completing a 180-day holding period.

Chinese NFT marketplaces have started implementing self-regulatory guidelines on their platforms as state-backed media echoed warnings against speculation in the NFT market. 

Chinese tech giants pledged to eliminate speculation on their NFT markets, with Alibaba’s blockchain subsidiary AntChain imposing a 180-day transfer lock on its platform while Tencent has a blanket ban on secondary transfers.

A new China-based NFT marketplace

A few days ago, Chinese state-owned media company MangoTV is set to launch its own NFT platform in mid-March which is built on Guangmang Chain, the company’s own blockchain.

MangoTV will be the first state-owned firm to operate an NFT platform if the NFT marketplace launch proceeds as planned.

While NFTs are extremely popular across the world, Chinese restrictions prevent NFT users from trading with one another. Mango TV’s digital collectibles will supposedly be built on the company’s current IP holdings, however, the firm is open to collaborating with new IP partners.

The marketplace’s users must be at least 14 years old to purchase NFTs on MangoTV’s platform, as long as they provide actual names, ID numbers, and facial authentication. NFT resales are not permitted on the platform. 

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DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

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Hazel

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