Everyone wants a piece of the NFT action, according to Mango TV.
Hunan Broadcasting System, a Chinese state-owned media firm, owns Mango TV, which was founded in 2006. This firm focuses on internet video curation. Most conventional TV material, as well as copyright, works from its parent business, Hunan Broadcasting System, and other affiliated firms may be found on this platform.
Although it may not seem much at first appearance, Mango TV is a tech-heavy television corporation that has developed its blockchain, the Guangmang Chain. Many individuals outside of China may be startled by Mango TV’s recent NFT announcement, but few people acquainted with the Chinese NFT market are astonished by this development.
Mango TV will be the first state-owned firm to run an NFT platform if the NFT platform launch proceeds as planned. If you’re interested in the Mango TV project and the collectibles that are available for purchase, you should be aware of the following. Mango TV’s digital collectibles will be built on the company’s current IP assets.
Furthermore, Mango TV reps said that the firm would continue to collaborate with new IP partners to provide customers with a diverse selection of digital collectibles alternatives.
NFT Regulations in China
China is the biggest jurisdiction to prohibit or limit the use of cryptocurrencies; the crackdown began in 2021, right in the heart of the NFT boom. When it comes to NFTs, China hasn’t taken a firm position against them, and several Chinese corporations have either launched NFTs or are planning to do so shortly.
The Blockchain Services Network, a Chinese government-backed corporation, announced intentions in January to build infrastructure to allow the sale of NFTs inside the nation. After a thorough examination of the issue, it seems that China does not despise the technology; they are devoted to NFT and similar technologies; the Chinese authorities’ primary concern is control.
The lack of authority over public blockchains such as Ethereum irritates Beijing’s ruling class. With the approval of Chinese authorities, Mango TV may now launch its NFT platform.
In China, the Future of NFTs
China is a vital market for the development of NFTs; it is an important market for most products and services, and NFTs are no different. The goal of crypto and Web3 is to democratize value and access, something the Chinese government is not very enthusiastic about.
It will be fascinating to see how the NFT field develops and grows in China over time; will we see more state-backed NFT stakeholders, or will the market one day open up and embrace the principles on which these technologies were built?