Scienjoy Holding Corp. (SJ) stock soared by 0.73% at the last trading close while the SJ stock price continued to rise by 26.49% at the last check in the pre-market trading. Scienjoy, a leading mobile live streaming network in China, was established in 2011 with the aim of creating a live streaming content matrix that provides consumers with a friendly experience. Scienjoy currently runs four live streaming platforms: Showself, Lehai, Haixiu, and BeeLive, with nearly 250 million registered users.
What is happening?
SJ today announced the official introduction of Non-Fungible Tokens (“NFTs”) on its live-streaming sites, making it one of the first in mainland China to do so. This announcement comes after SJ announced a strategic alliance with Snipp Interactive Inc., a multinational distributor of digital media incentives, rebates, and loyalty solutions, to develop a new loyalty and rewards scheme and investigate the possibility of allowing live streaming broadcasters to mint NFTs.
Users can bid on NFT mementos from their preferred broadcasters with points received from the new loyalty and rewards scheme, and broadcasters can mint their own NFTs on Scienjoy’s website. Users and broadcasters will be sure to carry and showcase these personalized souvenirs in the Scienjoy virtual live streaming environments, which will have a variety of iconic accessories, skins, and other virtual objects. As a way to reward users, raise interest, and fuel user interaction, NFTs will be minted as one-of-a-kind rewards for live streaming game competitions.
If NFTs will be used and viewed on Scienjoy’s websites, they will be tracked and traded on OpenSea, a peer-to-peer NFT marketplace. Scienjoy will introduce a series of 16 NFTs on OpenSea first, followed by additional NFT series on other marketplaces. Special gadgets, prizes, and skins for Scienjoy profiles have long piqued the interest of users.
The new NFT system would make it easier for consumers to own and sell souvenirs in a centralized way, as well as increase the hype around games on Scienjoy’s platforms. This program would provide broadcasters with more monetization options, increase broadcaster loyalty, and bring more new artistic talent to Scienjoy’s channels, in addition to improving partnerships between broadcasters and their audiences.