Weibo, a Chinese social media platform, has just launched Topholder, a new NFT marketplace. Weibo has also launched a new function that allows users to manufacture and sell NFTs based on their posts.
Every user is subject to internal KYC verification, according to Weibo. The corporation also stated that any user who plagiarizes content will be punished. Furthermore, Weibo has made asset flipping illegal for its users. As a result, it only allows unrestricted transfers after a 180-day waiting period.
China’s regulations x Weibo’s marketplace
The NFT market in China is expanding. The digital yuan is one of the restricted versions of blockchain technology that the country has permitted. As a result, crypto-savvy Chinese enterprises are leveraging NFTs to boost their brand and impact.
JD, Tencent, Alibaba, and, most recently, Weibo, all have their own NFT marketplaces. Users, on the other hand, are unable to swap or resell their purchases. Furthermore, instead of “NFT,” tech titans prefer the phrase “digital collectible.” This is because they want to avoid any affiliation with the global crypto market and stay on the good side of Chinese regulators.
The rise in popularity of NFT in China has resulted in unprecedented amounts of NFT-related financial crime. As a result, the Supreme People’s Procuratorate of China recently issued a warning that financial crimes will be harshly punished.
As a result, Chinese conglomerates were forced to commit to limiting speculation by imposing 180-day transfer restrictions or banning secondary transfers. NFTs and the metaverse, on the other hand, are not forbidden in China. Indeed, Mango TV, China’s state-owned media firm, just developed an NFT platform.