ZW Data Action Technologies Inc. Announces Cooperation for NFT and Metaverse Market on the Global IP with Digital Gold Information
ZW Data Action Technologies, Inc. (“ZW Data” or the “Company”), an integrated online advertising, precision marketing, data analytics, and other value-added services company, announced a cooperation with Guangzhou Digital Gold Information Technology Co., Ltd. (“Digital Gold Information”) to jointly develop “IP + NFT” products. By leveraging Digital Gold Information’s Intellectual Property (“IP”) resources and IP operations, the Company, based on its BIF platform, will provide Non-Fungible Token ( “NFT”) technology and related operations, list IP resources and contents to domestic and international NFT market, and explore the development of the combination of offline physical products + NFT + Metaverse. Metaverse is a combination of multiple elements of technology, including virtual reality (“VR”) and augmented reality (“AR”). Combining AR, VR, and other diversified technologies, Metaverse creates excellent scenarios and platforms for virtual IP and content production.
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Digital Gold Information is a company dedicated to the IP business operations and IP peripheral products creative development. Its business includes offline experience and display, brand marketing and co-branding, peripheral products and digital merchandise. The two parties will develop the IP + NFT + Metaverse business model, providing the peripheral products and digital merchandise services for authorized IPs during this cooperation. Through the Company’s BIF blockchain platform, the IP co-branded contents and products can be distributed, traded and transferred on global NFT platforms such as Antchain and Tencent Huanhe. Combining multiple technologies such as AR, VR, and Computer Graphics, Metaverse has created excellent scenarios and platforms for virtual IP and content production, allowing it to deeply integrate with more industry scenarios such as live commerce and IP endorsements. The business model also provides possibilities for the Company to explore the applications of NFT + tangible assets, digital assets financial services and others in the future.
In addition, the Company and Digital Gold Information will jointly establish an IP alliance to develop domestic and international cooperative IPs. At present, the IP alliance has closely cooperated with Tencent, Netease and other internet giants, covering a variety of IP types such as game IP, two-dimensional space IP, museum IP, and cultural creation IP which includes but not limited to Kings of Honor of Kings, Game for Peace, Hatsune Miku, and The Metropolitan Museum of Art. The average daily active users of Kings of Honor reached 100 million in 2020.
According to the 2021 NFT Market Report by Chainalysis, users have sent at least $26.9 billion worth of crypto to ERC-721 and ERC-1155 contracts, the two types of Ethereum smart contracts associated with NFT collections and marketplaces. Meanwhile, NFT products such as Dunhuangfeitian released by Antchain and Shisanyao released by Huanhe were popular in the domestic NFT market.
“The main application of NFT gradually expands from cryptocurrency and game to collectibles, artwork, domain name, identity, and other fields. We believe the IP + NFT + Metaverse will become the key application of our blockchain technology as the interactions of NFT with metaverse may be the next focus in the technology sector,” commented Handong Cheng, Chairman and Chief Executive Officer of ZW Data.
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