Glory Star’s digital collection NFT app CheerReal announces major platform upgrade

BEIJING, 23 May 2023 /PRNewswire/ — Glory Star New Media Group Holdings Limited, (“Glory Star“, “the Company” or “we”) (NASDAQ: GSMG), a leading digital media platform and content-driven e-commerce company in Chinaannounced today a major upgrade to its proprietary digital collection of non-fungible tokens (“NFT”) application, CheerReal. The update is now available on both Android and IOS apps and comes with improved security, advanced technology, improved functionality and a more user-friendly interface.

CheerReal is positioned as a “cultural and artistic digital collection” platform that aims to create a new cultural and artistic interactive experience, connecting virtual and real economy through innovative digital art and a diverse and inclusive metaverse world. As a member of the Trusted Blockchain Branch of the Beijing Information Industry Association, the platform is powered by the Blockchain Service Network-Decentralized Digital Certificate (“BSN-DDC”), a network infrastructure jointly initiated by the State Information Center, China Mobileand China UnionPay, which consists of more than ten BSN Open Permissioned Blockchains with robust technical systems and distinctive features.

Since its launch back in September 2022, CheerReal has become increasingly popular with art collectors. With the continuous development of blockchain technology, CheerReal aims to provide an even better user experience. The upgrade is expected to make the platform even more engaging and dynamic, strengthen its position in the market and attract more art collectors and enthusiasts. New collections draw inspiration from the ancient Silk Road and the Classic of Mountains and Seas (“Shan Hai Jing“), and give them a modern touch. The new “Spark Community” and “CheerReal Club” provide creators and users with official channels to gift, exchange, circulate and auction digital assets, giving them more space and opportunities to show off your digital assets.assets.CheerReal is currently only available in the China.

Mr. Bing Zhang, Chairman and CEO of Glory Starcommented: “The upgrade aims to create an immersive and community-based Web 3.0 experience, stimulate the vitality of our new business strands and increase the overall performance of the Cheers ecosystem. By empowering creators and collectors, CheerReal has established a strong foothold in the digital collections, and as the market continues to grow, CheerReal is poised to become a leading player in the industry.”

About Glory Star

As a prominent provider of next generation mobile internet infrastructure services i China, Glory Star is dedicated to building a digital ecosystem that integrates “platforms, applications, technology and industry” into a cohesive system, thus creating a new open business environment for web3.0 that leverages AI technology. The company is developing a 5G+VR+AR+AI shared universe that builds on cutting-edge technologies, including blockchain, cloud computing, augmented reality and digital twin.

Glory Star’s the portfolio already includes a wide range of products and services, such as CHEERS Open Platform, CHEERS Video, CHEERS e-Mall, CheerReal, CheerCar, CheerChat, CHEERS Fresh Group-Buying E-commerce Platform, Digital Innovation Research Institute, CHEERS Livestreaming, variety series , IP card video matrix and more. These offerings provide different application scenarios that seamlessly blend “online/offline” and “virtual/reality” elements.

With “CHEERS+” at its core Glory Star’s ecosystem, the company is committed to consolidating and strengthening its core competitiveness, and achieving long-term sustainable and scalable growth.

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Safe Harbor Statement

Certain statements in this release are “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates”, “forecasts”, “plans”, “intends”, “believes”, “seeks”, “may”, “will”, “should”, “future”, “suggests” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements These forward-looking statements are not guarantees of future performance, conditions or results and involve a number of known and unknown risks, uncertainties, assumptions and other important factors , many of which are beyond the Company’s control, which could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors include: the ability to manage growth; the ability to identify and integrate other future acquisitions ; ability to obtain additional financing in the future to fund capital expenditures; fluctuations in general economic and business conditions; costs or other factors that adversely affect our profitability; litigation involving patents, intellectual property and other matters; potential changes in the legal and regulatory environment; a pandemic or epidemic; the occurrence of any event, change or other circumstance that may affect the Company’s ability to continue the successful development and launch of its Metaverse Experience Centers; the possibility that the company may not be successful in developing its new lines of business due to, among other things, changes in the business environment, competition, changes in regulation or other economic and political factors; the possibility that the company’s new business areas may be adversely affected by other economic, business and/or competitive factors; other factors, risks and uncertainties set forth in documents filed by the Company with the Securities and Exchange Commission from time to time, including the Company’s most recent Annual Report on Form 20-F filed with the SEC on March 22, 2023. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Such information is valid only as of the date of this release.

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Connie KangCohabitant
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Tel.: +86 1381 185 7742 (CN)

SOURCE Glory Star New Media Group Holdings Limited