At around 10:00 UTC time on Saturday, Chinese users on Weibo began sharing that 25 accounts of influencers and media outlets operating in the crypto space had become untraceable.
Based on the accounts verified by The Block, clicking on their user ID now shows that the user does not exist.
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Each of these accounts previously had a notable number of followers and were active in discussing bitcoin, crypto projects as well as decentralized finance.
Why Chinese Social Media Platform Weibo Blocked the Accounts of Crypto Influencers?
Chinese social-media service Weibo on Saturday blocked accounts of some crypto influencers, citing violations of unspecified laws and rules of the Weibo community.
While Weibo has cracked down on various cryptocurrency-related accounts in the past years, this news recently comes on top of harsh Chinese regulatory rhetoric that has already caused the prices of many digital coins to plummet.
What is Weibo: Why is it so Popular?
In 2012, Sina Weibo stood out from competing microblogging products and developed into the largest social media platform in China.
However, in 2013, competition from WeChat, a lack of high-quality content, and exposure to an excessive number of fake accounts caused difficulties for Sina Weibo.
By addressing three aspects of user activity—content producers, content consumers, and platform operators—Sina Weibo was able to get back on the right track. The platform went from loss in 2014 to profit in 2018.
However, on the back of prosperity, in January 2019, Sina Weibo faced new threats—namely, the disappearance of the Chinese Internet user traffic dividend,
And competition from rivals Tutiao and Douyin. The CEO of Sina Weibo had to determine how to deal with these new threats.
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Weibo is being used for Social Research!
Weibo is a microblogging application, launched by Sina Corporation in 2009, based on user relationships to share, transmit and receive information.
As of Q4 2019, it has over 516 million monthly active users which is more as compared to Twitter’s 300 million, making it only the second largest social media platform in China after WeChat.
In an indication of the social media platform’s importance, in April 2019, the National Library of China announced that it would archive all public posts on Weibo for non-commercial uses.
The move will have a profound impact on digital heritage retention and is estimated to store over 200 billion text posts and 50 billion pictures, as well as data related to the emotions underlying these posts.
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Can we promote our brands on Weibo?
Although Weibo no longer dominates China’s social space, it is still growing rapidly and Weibo marketing is an essential tool for brands looking to gain visibility in China.
One can promote brands on Weibo using following ways:
- Weibo influencer campaign
- weibo ad
- organic growth