In what seems like a big wow moment in the NFT space, MangoTV, a Chinese video streaming platform kicked off its non-fungible token (NFT) marketplace, and its first batch of collectibles got sold out in seconds.
Operated by the Hunan Broadcasting System, MangoTV has 204 million monthly active users and 50.4 million subscribers. The platform stands as China’s fourth most popular streaming platform.
As per reports, unlike other NFT Marketplaces, MangoTV had laid down quite a few guidelines for making purchases that included the buyer being at least 14 years old. Additionally, one has to also provide their actual names, ID numbers, and facial authentication.
Also, the platform does not allow for the resale of NFTs.
The self-regulation on the NFT platforms can be seen as a precautionary step taken by these platforms after the state media of China had heavily criticised the unpredictability of NFTs.
Even so, the criticism hardly comes off as a surprise considering the constant scrutiny of NFT and metaverse by the Chinese government after successfully banning the complete use of cryptocurrencies (well, just a matter of time!).
