Home Blockchain Blockchain and NFT technology Applications to become New Growth Drivers for Glory Star

Blockchain and NFT technology Applications to become New Growth Drivers for Glory Star

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BEIJING, Could 25, 2021 /PRNewswire/ — Glory Star New Media Group Holdings Restricted (NASDAQ: GSMG) (“Glory Star” or the “Firm”), a number one digital media platform and content-driven e-commerce firm in China, in the present day introduced the graduation of the industrial purposes of its blockchain and non-fungible token (“NFT”) applied sciences by means of its digital copyright administration platform (the “Platform”).  The Platform will permit Glory Star to additional discover enterprise alternatives in NFT property as potential new progress drivers for the Firm.

Curiosity in NFTs derived from blockchain know-how is rising quickly. In line with the newest information from nonfungible.com, the worth of your entire NFT market has grown from lower than $41 million three years in the past to $338 million on the finish of 2020, representing a rise of 724%. Moreover, with the event of the digital world economic system, manufacturing, operation, consumption, leisure, and existence are  quickly present process a digital transformation. This has led to information turning into one of the crucial essential property on this new digital economic system. Consequently, new challenges in information authentication and authorization have additionally turn into essential points to contemplate, and blockchain know-how might play a big position in assuaging these challenges.

Glory Star’s Platform has been put to make use of within the Firm’s copyright administration system for its CHEERS video platform in addition to the SaaS, point-redemption, and live-event modules for its CHEERS e-Mall. The Firm’s Platform leverages cutting-edge applied sciences resembling blockchain, massive information, and synthetic intelligence to retailer the important thing information for digital mental property (“IP”) in a blockchain database. The immutability, traceability, scalability, and transparency of blockchain know-how permits the Firm’s database to confirm the integrity and safety of those property by means of all registration, search, and different processes. This ensures the credibility of the digital IP and the traceability of person operations to make sure a reliable and authoritative copyright platform.

Moreover, the Firm’s Platform gives efficient instruments for customers to streamline copyright validation, storage, safety, and different transactional processes for digital property to safeguard towards copyright infringement. It additionally supplies efficient options for business challenges in copyright verification, monitoring, and proof assortment. The Platform additionally supplies digital asset blockchain certificates to validate copyright, deploys a digital-asset DNA database for cross-checking info and producing verification stories to observe copyright, and leverages blockchain know-how to allow the gathering of possession information, verify the digital asset’s possession on-line, and execute copyright transactions to generate funds by buying and selling asset-backed securities by means of the blockchain.  As beforehand introduced, the Firm has signed a cooperation settlement with Beijing Minsheng Artwork Museum to advertise the applying of NFT applied sciences for digital content material. Each events plan to additional discover the feasibility of minting joint NFT property and taking part within the buying and selling of NFT paintings and different collectible digital property. As well as, Glory Star will combine a brand new class of cultural and artwork collectibles on the Firm’s CHEERS e-Mall platform, which is able to present a lift to the circulation and promotion of Chinese language paintings and additional enhance the content material ecology on CHEERS purposes.

Mr. Bing Zhang, Founder and Chief Government Officer of Glory Star, commented, “As an innovator within the leisure business, we now have at all times actively monitored the digital growth of tradition, media, and know-how with nice curiosity. Our dedication to R&D and funding in new know-how has at all times been vital to our technique to combine our product ecosystem with the brand new digital economic system. We’re assured that such efforts will improve the competitiveness of our merchandise and fortify our business management. Going ahead, new purposes for blockchain know-how will probably be an essential focus for us to advertise speedy progress not just for Glory Star however for your entire digital content material business as effectively.”

About Glory Star New Media Group Holdings Restricted

Glory Star New Media Group Holdings Restricted is a number one digital media platform and content-driven e-commerce firm in China. Glory Star’s capacity to combine premium way of life content material, together with quick movies, on-line selection reveals, on-line dramas, reside streaming, its Cheers way of life video sequence, e-Mall, and cell app, together with progressive e-commerce choices on its platform permits it to pursue its mission of enriching folks’s lives. The Firm’s massive and energetic person base creates priceless engagement alternatives with customers and enhances platform stickiness with hundreds of home and worldwide manufacturers.

Secure Harbor Assertion

Sure statements made on this launch are “ahead trying statements” throughout the that means of the “protected harbor” provisions of the US Personal Securities Litigation Reform Act of 1995. When used on this press launch, the phrases “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “could,” “will,” “ought to,” “future,” “suggest” and variations of those phrases or comparable expressions (or the adverse variations of such phrases or expressions) are meant to establish forward-looking statements. Such forward-looking states embrace, however are usually not restricted to, the Firm’s capacity to develop its on-line retail and SaaS business worth chains, develop its enterprise relationship with current shoppers and proceed its enterprise progress trajectory.  These forward-looking statements are usually not ensures of future efficiency, situations or outcomes, and contain a variety of identified and unknown dangers, uncertainties, assumptions and different essential components, a lot of that are outdoors the Firm’s management, that would trigger precise outcomes or outcomes to vary materially from these mentioned within the forward-looking statements. Necessary components, amongst others, are: the power to handle progress; capacity to establish and combine different future acquisitions; capacity to acquire extra financing sooner or later to fund capital expenditures; fluctuations on the whole financial and enterprise situations; prices or different components adversely affecting the Firm’s profitability; litigation involving patents, mental property, and different issues; potential modifications within the legislative and regulatory surroundings; a pandemic or epidemic. The forward-looking statements contained on this launch are additionally topic to different dangers and uncertainties, together with these extra absolutely described within the Firm’s filings with the Securities and Trade Fee. The Firm undertakes no obligation to replace or revise any forward-looking statements, whether or not because of new info, future occasions or in any other case, besides as required by relevant legislation. Such info speaks solely as of the date of this launch.

Contacts

Glory Star New Media Group Holdings Restricted
Yida Ye
E-mail: [email protected]

ICR LLC.
Robin Yang
Tel: +1 (646) 308-0546
E-mail: [email protected]

SOURCE Glory Star New Media Group Holdings Restricted


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