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

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, at this time introduced the graduation of the business functions of its blockchain and non-fungible token (“NFT”) applied sciences via its digital copyright administration platform (the “Platform”).  The Platform will enable Glory Star to additional discover enterprise alternatives in NFT property as potential new progress drivers for the Firm.

Curiosity in NFTs derived from blockchain expertise is rising quickly. In accordance with the newest information from nonfungible.com, the worth of your complete 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 life are  quickly present process a digital transformation. This has led to information turning into probably the most vital property on this new digital economic system. Consequently, new challenges in information authentication and authorization have additionally turn into vital points to think about, and blockchain expertise might play a major function 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 similar to 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 expertise allows the Firm’s database to confirm the integrity and safety of those property via 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 presents 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 trade 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 data and producing verification experiences to observe copyright, and leverages blockchain expertise 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 via 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 functions.

Mr. Bing Zhang, Founder and Chief Govt Officer of Glory Star, commented, “As an innovator within the leisure trade, we have now all the time actively monitored the digital improvement of tradition, media, and expertise with nice curiosity. Our dedication to R&D and funding in new expertise has all the time been important 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 trade management. Going ahead, new functions for blockchain expertise will likely be an vital focus for us to advertise speedy progress not just for Glory Star however for your complete digital content material trade as properly.”

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 potential to combine premium way of life content material, together with brief movies, on-line selection reveals, on-line dramas, reside streaming, its Cheers way of life video collection, e-Mall, and cell app, together with modern e-commerce choices on its platform allows it to pursue its mission of enriching individuals’s lives. The Firm’s massive and lively person base creates precious engagement alternatives with shoppers and enhances platform stickiness with 1000’s of home and worldwide manufacturers.

Secure Harbor Assertion

Sure statements made on this launch are “ahead trying statements” inside 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,” “might,” “will,” “ought to,” “future,” “suggest” and variations of those phrases or related expressions (or the unfavorable variations of such phrases or expressions) are supposed to establish forward-looking statements. Such forward-looking states embody, however will not be restricted to, the Firm’s potential to develop its on-line retail and SaaS trade worth chains, increase its enterprise relationship with current shoppers and proceed its enterprise progress trajectory.  These forward-looking statements will not be ensures of future efficiency, circumstances or outcomes, and contain plenty of identified and unknown dangers, uncertainties, assumptions and different vital components, a lot of that are exterior 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; potential to establish and combine different future acquisitions; potential to acquire extra financing sooner or later to fund capital expenditures; fluctuations usually financial and enterprise circumstances; 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 setting; 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 data, future occasions or in any other case, besides as required by relevant legislation. Such data speaks solely as of the date of this launch.

Contacts

Glory Star New Media Group Holdings RestrictedYida YeE-mail: [email protected]

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

SOURCE Glory Star New Media Group Holdings Restricted