scienjoy-partners-with-global-friendship-exchanges-foundation-to-build-a-dedicated-tech-team-for-artists

Scienjoy Partners with Global Friendship Exchanges Foundation to Build a Dedicated Tech Team for Artists

 

Scienjoy Holding Corporation (“Scienjoy”, the “Company”, or “We”) (Nasdaq: SJ), a leading live entertainment mobile streaming platform in China, today announced that Scienjoy will cooperate with Global Friendship Exchanges Foundation (“GFE Foundation”) to commence a project of building a dedicated team of highly skilled engineers with AI and game development experience to help artists launch their non-fungible token (NFT) artworks on major platforms such as OpenSea, Rarible and Foundation as the Company is committed to cultivating cutting-edge technology and diverse entertainment for  its platform.

This is a continuous effort of Scienjoy and GFE Foundation, a U.S-based non-profit organization dedicated to supporting young artists around the world, under the strategic partnership between the two parties that was previously announced on July 7, 2021.

Scienjoy’s engineering team has extensive experience in developing big data technology including data insight, operational data analysis, marketing analysis, risk control platform, and intelligent recommendation engine, to support refined operation of products and businesses. The engineering team also has rich technological experience in AR through various projects, such as live broadcast of AR games, practical application of AR interactive marketing, intelligent beautification effects, and AR interactive scenarios. The team uses AI technology to develop solutions for intelligent customer service, natural language processing, speech recognition, speech synthesis, AI virtual anchors, face recognition, gesture recognition, human posture assessment, content security review, and real-time monitoring. These features have been applied to Scienjoy’s live broadcast platforms and have enhanced overall experience and interactions between livestream anchors and users. Tech team’s capabilities to provide technological support for minting and dropping NFTs will benefit artists and tackle any problems they might encounter in the process of launching their NFT artworks.

OpenSea is a peer-to-peer marketplace for crypto collectibles and NFTs. Since 2017 when it was founded, OpenSea has over 100,000 users and nearly 30 million NFTs. Rarible is an Ethereum-based platform that facilitates the creation, sale, and purchase of ownership rights to digital works of art via NFTs. Foundation, stylized as “Foundation.app”, is a platform for live auctions of digital art and NFTs and is a simple and easy-to-navigate suite for NFT artists and digital art enthusiasts to participate in decentralized auctions for an array of creative pieces. For more information about OpenSea, please visit its official website at https://opensea.io/about.

According to an industry report by Reuters, the NFTs market has reached a new high of $2.5 billion in sales in the second quarter of 2021 due to increasing popularity earlier this year. The sales on OpenSea continued to climb and reached nearly $150 million in June. Art remained in the third place for the number of non-fungible token sales in popular categories in the first half of 2021, trailing behind collectible and sports NFTs. For more information about the report, please visit the website at https://www.reuters.com/technology/nft-sales-volume-surges-25-bln-2021-first-half-2021-07-05/.

NFTs, which can be stored permanently on the blockchain, demonstrate the characteristics of indivisibility and tamper-proof and ensure the copyrights and scarcity of the artworks. Furthermore, artists are able to make transactions on their own and avoid potential involvement of intermediary agencies. As the digital art world is rapidly emerging, NFTs have become increasingly attractive to numerous artists.

Victor He, Chief Executive Officer of Scienjoy, commented, “Scienjoy is committed to providing artists with technical support, assisting artists with creating NFTs and dropping them on major platforms like OpenSea, the largest general marketplace for user-owned digital items. Dropping artworks on broad marketplaces is beneficial for young artists who not only present their identities to the general public in their early career but also generate their own fan base with a sense of acknowledgment for their artworks in return.”

By partnering with GFE Foundation, Scienjoy expects to launch a grand NFT exhibition with NFT artists and art galleries interested in art NFTs in the coming months in New York, to offer a platform for artists and galleries to share their thoughts and insights of the NFT art industry.

scienjoy-becomes-one-of-the-first-live-streaming-platforms-in-mainland-china-to-offer-non-fungible-tokens-(nfts)

Scienjoy Becomes One of the First Live Streaming Platforms in Mainland China to Offer Non-Fungible Tokens (NFTs)

 

Scienjoy Holding Corporation (“Scienjoy”, the “Company”) (NASDAQ: SJ), a leading live entertainment mobile streaming platform in China, today announced it has officially launched Non-Fungible Tokens (“NFTs”) on its live streaming platforms, making it one of the first live streaming platforms in mainland China to adopt the technology.

This announcement follows the Company’s strategic partnership with Snipp Interactive Inc., a global provider of digital marketing promotions, rebates, and loyalty solutions, to create a new loyalty and rewards system and explore enabling live streaming broadcasters to mint NFTs. NFTs are one-of-a-kind tokenized digital assets that are tracked by using blockchain, which provides a digital certificate of ownership, tracks purchase and trading of the asset, certifies a digital asset to be unique, and protects against duplication. This ownership tracking technology has allowed assets in the digital world to be bought and sold like any piece of physical property.

This new initiative lets broadcasters mint their own NFTs on Scienjoy’s platform, and lets users bid to purchase NFT mementos from their favorite broadcasters by using points earned from the new loyalty and rewards system. These custom souvenirs will include various popular accessories, skins, and other virtual objects that users and broadcasters will be able to wear and display in the Scienjoy virtual livestreaming worlds. NFTs will be minted as unique prizes for live streaming game competitions as a way to reward users, increase excitement and drive user engagement.

While NFTs can be used and displayed on Scienjoy’s platforms, tracking ownership and trading of the tokens will occur on OpenSea, a peer-to-peer NFT marketplace. Scienjoy will initially launch a series of 16 NFTs on OpenSea and launch further NFT series on other marketplaces. Users have long shown enthusiasm for unique accessories, prizes and skins for their Scienjoy profiles. The new NFT system will strengthen users’ ability to own and trade these souvenirs in an organized manner and increase the excitement around games on Scienjoy’s platforms. In addition to strengthening the relationships between broadcasters and their fans, this initiative will provide broadcasters with more monetization opportunities, augment broadcaster loyalty, and attract more new creative talent to Scienjoy’s platforms.

Users will be able to use and display their NFTs in Scienjoy’s game-embedded live streaming and fully immersive virtual reality worlds. Scienjoy will track users’ in-game status and achievements, save the items they’ve obtained such as skins, characters, and other tokens, and seamlessly transfer records of ownership and verify authenticity of in-game items in the ownership database OpenSea. In Scienjoy’s immersive virtual reality worlds, NFTs will also enable users to create, own, monetize and enjoy virtual properties and items, and to have complete control over such virtual assets.

Scienjoy has long been a pioneer in new forms of entertainment and new applications of technology in live streaming. Through big data, artificial intelligence (AI) and augmented reality (AR) technologies, Scienjoy has built fully immersive and gamified live streaming virtual reality worlds for users to explore. This VR-based immersive gaming experience has transformed the live streaming experience and connected users and broadcasters to not only share topics of interest, but also play games and interact within the virtual worlds. The Company launched three small-scale virtual reality worlds in 2020 and will roll out six complete virtual reality worlds in 2021. Adding NFTs is a further step in allowing users to customize their virtual environment and allowing broadcasters to create custom products for fans to stand out from other broadcasters.

“We are focused on continuous innovation and integrating cutting-edge technologies to our platform. We believe that using emerging technologies will not only bring gains to Scienjoy and our users but spur the whole industry to develop,” said Victor He, Chairman and Chief Executive Officer of Scienjoy. “NFT technology, when combined with our other core platform technologies of big data, AR and AI, will create new opportunities for monetization, explore future areas for growth and development, and ultimately help us bring greater value to our shareholders.”