Benzinga | Apr 22, 2021 08:11AM EDT

Glory Star Signs Cooperation Agreement With Beijing Minsheng Art Museum To 'promote the application of non-fungible token ("NFT") technologies for digital contents'

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."