Scienjoy Partnership to Build US Livestreaming Studio and NFT Gallery
Scienjoy Holding Corporation, a leading live entertainment mobile streaming platform in China, announced plans to establish a livestreaming studio and non-fungible token (NFT) art gallery in New York to assist young artists in entering the virtual art market and livestreaming as part of its partnership with the Global Friendship Exchange Foundation.
This is the first initiative for 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 announced July 7, 2021.
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The new video livestreaming studio will allow artists to tap into Scienjoy’s livestreaming entertainment ecosystem of approximately 250 million registered users and livestream about the creative process, engage with fans and collectors, and sell or exhibit NFT artwork. Scienjoy and the GFE Foundation will work to educate and support young artists in launching livestreaming channels and building an online presence.
“Supporting artists in livestreaming and creating NFT artwork is part of Scienjoy’s commitment to cultivating cutting-edge technology and diverse entertainment for our platform,” said Victor He, Chairman and CEO of Scienjoy. “This first initiative is a great step in our strategic partnership with the GFE Foundation. We look forward to cooperating with galleries and artists in the near future for exhibitions, NFT artwork launches and more.”
According to an industry report by DappRadar, a company that analyzes and ranks the blockchain and decentralized app industry, NFT transactions reached USD $2.4 Billion in the second quarter of 2021, not including transfers handled by art auction houses. As part of the initiative, Scienjoy and the GFE Foundation will work to educate artists in the GFE Foundation network on navigating the young and evolving NFT market. Minting NFT artwork offers young artists a digital medium, a new channel for reaching collectors and a tool for building a fan base, all with safeguards from digital art duplication. Aside from fine art, NFTs are also showing popularity in game play. In April 2021, Scienjoy became one of the first livestreaming platforms in Mainland China to offer NFTs, with NFTs minted as unique prizes for livestreaming game competitions as a way to reward users and drive user engagement.
Livestreaming in art and music has become an increasingly important tool during the pandemic. Musicians and artists moved to livestreaming platforms as a way to engage with fans and collectors and supplement incomes while many venues and galleries were shuttered. This industry subsector has been popular with fans and is showing signs of continuing after the pandemic. In a survey of musicians conducted by Statista, a company specializing in market and consumer data, 85 percent of artists surveyed said they would continue to make livestreaming a permanent part of their performance plans even after in-person events resumed.
GFE Foundation’s Director Helene Beck commented, “This is a unique time for young artists to build their careers not only in offline galleries but through livestreaming and with virtual forms of art. We are excited to team up with Scienjoy and leverage their global livestreaming experience.”
With the goal of pioneering new forms of livestreaming entertainment in the 5G era, Scienjoy has invested considerably in research and technology to diversify the Scienjoy ecosystem. This has positioned Scienjoy to quickly identify new opportunities and trends and rapidly launch new platform entertainment categories and products. With a growing diversity of partnerships like that with the GFE Foundation, Scienjoy continues to demonstrate its leadership in the livestreaming ispace. Scienjoy looks forward to future initiatives to provide livestreaming entertainment for new industries and user groups.