BEIJING, May 23, 2023
/PRNewswire/ -- Glory Star New Media Group Holdings Limited,
("Glory Star", the "Company" or
"we") (NASDAQ: GSMG), a leading digital media platform and
content-driven e-commerce company in China, today announced a major upgrade to its
self-developed digital collection non-fungible tokens
("NFT") application, CheerReal. The update is now available on both
Android and IOS apps and comes with improved security, advanced
technology, enhanced functionality, and a more user-friendly
interface.
CheerReal is positioned as a "cultural and artistic digital
collection" platform that aims to create a new cultural and
artistic interactive experience, connecting virtual and real
economy through innovative digital art and a diverse and inclusive
metaverse world. As a member of the Trusted Blockchain Branch of
the Beijing Information Industry Association, the platform is
powered by Blockchain Service Network-Decentralized Digital
Certificate ("BSN-DDC"), a network infrastructure that is jointly
initiated by the State Information Center, China Mobile, and China UnionPay, which consists
of more than ten BSN Open Permissioned Blockchains with robust
technical systems and distinctive features.
Since its launch back in September
2022, CheerReal has been gaining popularity among art
collectors. With the continuous development of blockchain
technology, CheerReal aims to provide an even better user
experience. The upgrade is expected to make the platform even more
engaging and dynamic, strengthening its position in the market and
attracting more art collectors and enthusiasts. New collections
take inspiration from the ancient Silk Road and the Classic of
Mountains and Seas ("Shan Hai
Jing"), and give them a contemporary touch. The new "Spark
Community" and "CheerReal Club" provide creators and users with
official channels for gifting, exchanging, circulating, and
auctioning digital assets, giving them more space and opportunities
to showcase their digital assets. CheerReal is currently only
available in China.
Mr. Bing Zhang, Chairman and Chief Executive Officer of
Glory Star, commented: "The upgrade
aims to create an immersive and community-based Web 3.0 experience,
stimulating the vitality of our new business strings and boosting
overall performance of the Cheers ecosystem. By empowering creators
and collectors, CheerReal has established a strong foothold in the
market for digital collections, and as the market continues to
grow, CheerReal is poised to become a leading player in the
industry."
About Glory Star
As a preeminent provider of next-generation mobile internet
infrastructure services in China,
Glory Star is dedicated to building
a digital ecosystem that integrates "platforms, applications,
technology, and industry" into a cohesive system, thereby creating
a new, open business environment for web3.0 that leverages AI
technology. The Company is developing a 5G+VR+AR+AI shared universe
space that builds on cutting-edge technologies including
blockchain, cloud computing, extended reality, and digital
twin.
Glory Star's portfolio already
includes a wide range of products and services, such as the CHEERS
Open Platform, CHEERS Video, CHEERS e-Mall, CheerReal, CheerCar,
CheerChat, CHEERS Fresh Group-Buying E-commerce Platform, Digital
Innovation Research Institute, CHEERS Livestreaming, variety show
series, IP short video matrix, and more. These offerings provide
diverse application scenarios that seamlessly blend
"online/offline" and "virtual/reality" elements.
With "CHEERS+" at the core of Glory
Star's ecosystem, the Company is committed to consolidating
and strengthening its core competitiveness, and achieving long-term
sustainable and scalable growth.
For more information, please visit http://ir.gsmg.co/.
Safe Harbor Statement
Certain statements made in this release are "forward looking
statements" within the meaning of the "safe harbor" provisions of
the United States Private Securities Litigation Reform Act of 1995.
When used in this press release, the words "estimates,"
"projected," "expects," "anticipates," "forecasts," "plans,"
"intends," "believes," "seeks," "may," "will," "should," "future,"
"propose" and variations of these words or similar expressions (or
the negative versions of such words or expressions) are intended to
identify forward-looking statements. These forward-looking
statements are not guarantees of future performance, conditions or
results, and involve a number of known and unknown risks,
uncertainties, assumptions and other important factors, many of
which are outside the Company's control, that could cause actual
results or outcomes to differ materially from those discussed in
the forward-looking statements. Important factors, among others,
are: the ability to manage growth; ability to identify and
integrate other future acquisitions; ability to obtain additional
financing in the future to fund capital expenditures; fluctuations
in general economic and business conditions; costs or other factors
adversely affecting our profitability; litigation involving
patents, intellectual property, and other matters; potential
changes in the legislative and regulatory environment; a pandemic
or epidemic; the occurrence of any event, change or other
circumstances that could affect the Company's ability to continue
successful development and launch of its metaverse experience
centers; the possibility that the Company may not succeed in
developing its new lines of businesses due to, among other things,
changes in the business environment, competition, changes in
regulation, or other economic and policy factors; the possibility
that the Company's new lines of business may be adversely affected
by other economic, business, and/or competitive factors; other
factors, risks and uncertainties set forth in documents filed by
the Company with the Securities and Exchange Commission from time
to time, including the Company's latest Annual Report on Form 20-F
filed with the SEC on March 22, 2023.
The Company undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by applicable law.
Such information speaks only as of the date of this release.
For investor and media inquiries, please contact:
Wealth Financial Services LLC
Connie Kang, Partner
Email: ckang@wealthfsllc.com
Tel: +86 1381 185 7742 (CN)
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SOURCE Glory Star New Media Group Holdings Limited