Considered China’s Twitter, Weibo, the leading Chinese social media platform, has launched an NFT marketplace called TopHolder.
According to the company, through TopHolder users will be able to mint their posts in NFTs and sell them.
Weibo announces support for NFTs
Weibo’s newly created NFT marketplace is designed to meet the government’s conditions to operate in the digital asset sector.
Thus, all TopHolder users must pass the KYC verification exercise before they can be allowed to mint and sell NFTs on the market.
There are also other internal conditions that users must fulfill when participating in the TopHolder marketplace. For example, there is a strict rule against NFT plagiarism.
Any user who plagiarized NFT from other platform users will be subject to some penalties that have not yet been disclosed.
In addition, asset sales are not allowed on Weibo’s TopHolder NFT marketplace before completing 180 days of NFT ownership. This is also a measure to comply with Chinese legislation on the matter, which disapproves of speculation in the NFT market.
NFTs in China
Considering the close relationship of NFTs and cryptocurrencies on a global level, China’s interest has raised some mixed feelings in the digital asset space.
Since mid-2021, Chinese authorities have taken a tough stance on the cryptocurrency industry. Not only cryptocurrencies were banned, but all related businesses, including mining, exchanges and other services.
Therefore, the open reception of the same authorities regarding NFTs is coming as a surprise to many.
At the same time, Chinese authorities and everyone involved are striving to create the proper framework that suits the country’s policies when it comes to NFTs.
Not losing sight of why traditional cryptocurrencies were banned, Chinese authorities are working to ensure that the emerging local NFT industry complies with the government’s oversight organization.
Local sources also say that the regulators’ initial approach to creating a framework that will govern the sector is popularly regarded as a welcome development.
“This will prevent the kind of chaos that has been experienced in the cryptocurrency industry for over a decade. With the NFT market in China, although it develops differently from other parts of the world, it is expected to arrive with its kind of value”, says Iyke Aru.