Sina Weibo launched a number of significant upgrades on Oct. 17 to its popular microblog platform. The new version included added properties to the site's community platform, optimized user interface and improved the ability for the site's users to interact with one another.

The company unveiled the site's highly anticipated instant message function. Users can now chat with friends by clicking the new tool at the site's bottom right corner. The previously-text-oriented microblog now also features photo albums and games. Games hosted on Sina Weibo will be provided by third party developers, to whom the company plans not to charge any fees for the first year. So far, the game platform lists 47 games such as "Killers of Three Kingdoms" and "Texas Hold'em Poker."

Sina Weibo also introduced its virtual currency, called "Wei Bi." It can be used to buy applications on the site and make in-game purchases. The sale of virtual currency is expected to become a major resource of income for the microblog site.

The microblog company's continued popularity has gained much attention from the industry. According to a newly released report from Mirae Asset Financial Group, Sina Weibo can expect total revenue of US$75 million in 2012, including US$50 million in advertising, US$10 million in e-commerce and US$15 million in games.

China's business press carried the story above on Friday.