Glory Star Announces Signing of Cooperation Agreement With Beijing Minsheng Art Museum for NFT Applications
BEIJING, April 22, 2021 /PRNewswire/ -- Glory Star New Media Group Holdings Limited (NASDAQ: GSMG) ("Glory Star" or the "Company"), a leading mobile and online digital media and entertainment company in China, today announced that it has signed a cooperation agreement (the "Agreement") with Beijing Minsheng Art Museum to promote the application of non-fungible token ("NFT") technologies for digital contents, as part of the Company's efforts to enhance collaborations with industry partners for the further development and application of NFT technologies.
According to the Agreement, the Company will provide NFT technical services for minting and copyright protection of digital artworks and the collections controlled by Beijing Minsheng Art Museum and its partners. Both parties also plan to further explore the feasibility of minting joint NFT assets and participating in the trading of NFT artworks and other collectible digital works. In addition, Glory Star will be integrating a new category for cultural and art collections on the Company's CHEERS e-Mall platform, which will provide a boost to the circulation and promotion of Chinese artworks.
As digital technology is being continually improved through each iteration, the use of digital technology has become more widespread in the media industry, and the protection of intellectual property rights is becoming a top priority. Glory Star has been committed to the R&D of leading technologies in China's media and entertainment industries, and has recruited a team of product and technology experts and established a new R&D center. In recognizing the trends of digital art and digital media, the Company has established an NFT R&D department for the development and research of NFT applications to provide additional copyright protection in terms of registration, validation, rights confirmation, verification, transactions, and valuations. Going forward, the Company plans to further develop and apply its NFT technology both in Beijing and Wuxi, to speed up the progress of the Company's digital economy headquarters in Wuxi and expand the development of the digital media industry.
Mr. Bing Zhang, Founder and Chief Executive Officer of Glory Star, commented, "Innovation is an enduring theme for Glory Star. Over the years, our commitment to the leading innovative technologies has not only served as one of our main growth drivers, but also supported our efforts to advance the development of the media and entertainment industries. Now, we plan to use this same approach for art. The rise of blockchain and NFT technologies has created feasible technical solutions for copyright protection and digital rights confirmation as well as the circulation of digital art collections and intellectual property in the forms of audio and video. Therefore, we are very excited to cooperate with Beijing Minsheng Art Museum in these areas and explore additional opportunities for collaboration. Looking ahead, we remain confident that our business development capabilities, rapidly expanding online channels, and solid cash flow will serve as the bedrock of this cooperation and help us to generate more win-win results for both parties in the future."
About Glory Star New Media Group Holdings Limited
Glory Star New Media Group Holdings Limited is a leading mobile entertainment operator in China. Glory Star's ability to integrate premium lifestyle content, including short videos, online variety shows, online dramas, live streaming, its Cheers lifestyle video series, e-Mall, and mobile app, along with innovative e-commerce offerings on its platform enables it to pursue its mission of enriching people's lives. The Company's large and active user base creates valuable engagement opportunities with consumers and enhances platform stickiness with thousands of domestic and international brands.
About Minsheng Art Museum
Minsheng Art Museum (MAM) is sponsored and funded by the China Minsheng Banking Corporation, which is a non-profit organization mainly establishing various types of activities that engage in art. MAM was established in 2012 and opened to the public in 2015. Occupying 35,000 square meters floorage and an 8,200 square meter exhibition area. MAM is based on the study of Chinese modern and contemporary art and has an international perspective, closely reflecting the trend and the status of Chinese contemporary art, and actively promoting the communication and cooperation between Chinese contemporary art and international cutting-edge art. MAM collects and exhibits outstanding artworks from both in and out of China; it also promotes different forms of international communications to support the academic research. Meanwhile, MAM conducts multiple forms of educational programs of art and aesthetics for the public.
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Glory Star New Media Group Holdings Limited
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