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.
See related article: China plans crackdown on illegal fundraising in metaverse, NFTs
Fast facts
- 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.
See related article: Alibaba NFT marketplace suspends users for massage gun rapid clicks
