Mango TV is a Chinese state-owned media company, and it recently announced plans to launch its NFT platform before the end of March
Mango TV: Everyone wants in on the NFT action
Mango TV was established in 2006, and it is controlled by Hunan Broadcasting System, a Chinese state-owned media company. This company specializes in curating online videos. On this platform, you can expect most of the content presented in traditional TV channels and copyright works from its parent company, Hunan Broadcasting System, and more other related companies.
It might not seem like it at first glance, but Mango TV is a tech-heavy media company, and it has built its blockchain known as Guangmang Chain. Mango TV’s recent NFT announcement might come as a surprise to many people outside China, but few people familiar with the Chinese NFT space are surprised by this development.
If the NFT platform launch goes according to plan, Mango TV will be the first state-owned enterprise to operate an NFT platform. If you’re interested in the Mango TV project and are intrigued by the collectibles available for people to invest in, you should know the following. Digital collectibles from Mango TV will reportedly be based on the company’s existing IP holdings.
Additionally, Mango TV representatives shared that as time goes on, the company will remain open to working with new IP partners to produce a diversified range of digital collectibles options for users.
China’s NFT Regulations
China is the largest country to either ban cryptocurrencies or restrict their usage; the crackdown came in 2021 in the middle of the NFT craze. When it comes to NFTs, China hasn’t taken an entire hard-line stance against it, and companies in the country have either made their NFT debuts or plan to do so soon.
In January, the Blockchain Services Network, a company with the Chinese government backing, shared plans to roll out infrastructure to facilitate the trade of NFTs within the country. After a deep look into the situation, it doesn’t seem like China hates the technology; they are committed to NFT and related tech; the most significant problem the Chinese authorities have is control.
The lack of control over public blockchains like Ethereum doesn’t sit well with the powers that be in Beijing. Now, Mango TV can debut its NFT platform with the blessings of Chinese regulators.
The Future of NFTs in China
One of the critical markets for the success of NFTs is China, this country is an essential market for most goods and services, and NFTs are no exception. The idea of crypto and Web3 is to democratize value and access, which is something that the Chinese government isn’t overly excited about.
As time goes on, it’ll be intriguing to witness how the NFT space will grow and develop in China; will we witness more state-backed NFT stakeholders, or will the market one day open up and accept the principles on which these technologies were built.
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