MangoTV, a Chinese video streaming platform with 50.4 million subscribers, launched its non-fungible token (NFT) marketplace on Monday, as its first batch of collectibles sold out within seconds since opening.
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- MangoTV is owned by the state-backed Hunan Broadcasting System and is the fourth most popular streaming platform in China, with 204 million monthly active users.
- MangoTV’s NFT marketplace requires users to be at least 14 years of age to buy NFTs on its platform, as long as they provide real names, ID numbers, and face authentication.
- NFT resales are not permitted on the platform.
- Both private and public-owned NFT marketplaces in China have been implementing self-regulation on their platforms since state media lashed out on the speculative nature of NFTs.
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