The Chinese state-owned media company Mango TV has just announced that it will be launching an NFT platform. This move marks China’s growing interest in NFTs.
This comes as no surprise to those who closely follow China’s growing interest in the metaverse. Mango TV is a tech-focused media company and it already has its own blockchain, the Guangmang Chain. If this NFT platform does indeed launch, it will be the first state-owned company to operate an NFT platform.
The digital collectibles will reportedly be based on Mango TV’s current IP holdings. However, as the NFT platform grows, it will seek new IP partners to produce a wide range of digital collectibles.
How does the Mango TV NFT platform relate to China’s Web3 ambitions?
Digital collectibles have flourished in China. While the Chinese government is keeping an eye on NFTs, it is unlikely to ban NFTs and digital collectibles. The Chinese NFT market, however, differs from the rest. This is because China relies on permission-based blockchains operating under state supervision. All payments are made in Yuan, and no secondary markets are allowed. This eliminates speculation.
Ant Group Co. and Tencent Holdings Ltd. are two of the conglomerates leading the way. They have developed “alliance” blockchains, which are managed by companies under the authority of the government.
Additionally, in January, the state-backed Blockchain Services Network (BSN) soft-launched a platform that made it easier for companies to sell their wares as NFTs. Moreover, the central bank released a digital version of the yuan – e-CNY – which, although not blockchain-based, is already part of Tencent’s WeChat multipurpose app.