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- On Monday, a Chinese video streaming platform, MangoTV that has 50.4 million subscribers, disclosed the launch of its non-fungible token (NFT) marketplace.
- MangoTV is China’s fourth most popular streaming platform. For buying NFTs on MangoTV’s marketplace, the users must be 14 years old or above. MangoTV does not provide the option of NFT resales.
- Despite NFTs and Metaverse not being banned by the Chinese government, unlike crypto, the state media has issued warnings against financial crimes such as money laundering and illegal fundraising.
On Monday, a Chinese video streaming platform with 50.4 million subscribers, MangoTV launched its non-fungible token(NFT) marketplace. While its first batch sold out within seconds of opening.
MangoTV is the fourth most popular streaming platform in China and has 204 million monthly active users. MangoTV is owned by the Hunan Broadcasting System, which is backed by the state.
Individuals Above The Age Of 14 years Can Buy NFTs On MangoTV.
Users must be the age of 14 years or more in order to buy NFTs on MangoTV’s marketplace; they just need to fill in general information such as real names, ID numbers, and face authentication. The platform does not allow the resales of NFT.
Both private and public-owned NFT marketplaces in China are practicing self-regulation on their platforms since the state media pointed out the risky nature of NFTs. It is interesting to note here that NFTs and metaverse, unlike crypto assets, are not banned in China.
China’s Crackdown On Illegal Fundraising In NFTs, Metaverse
Last Tuesday, it was reported that China’s Supreme People’s Procuratorate warned of “severe punishment” for financial crimes such as money laundering and illegal fundraising in work.
In the interview published, Zheng Xinjian, Supreme People’s Procuratorate director of financial and economic crime, informed that the legal system needs legislative proposals and judicial interpretations to handle such financial crimes. In February, a judicial interpretation declared cryptocurrency as illegal.
Despite the fact that metaverse and NFTs are not banned in China, the country has raised expectations for the metaverse. During the annual plenary sessions, the “Two Sessions,” the members of the two central political bodies proposed regulation and investments in the metaverse.
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Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
