BEIJING, May 23, 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 China, today announced a major upgrade to its self-developed digital collection non-fungible tokens ("NFT") application, CheerReal. The update is now available on both Android and IOS apps and comes with improved security, advanced technology, enhanced 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 Blockchain Service Network-Decentralized Digital Certificate ("BSN-DDC"), a network infrastructure that is jointly initiated by the State Information Center, China Mobile, and 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 been gaining popularity among 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, strengthening its position in the market and attracting more art collectors and enthusiasts. New collections take inspiration from the ancient Silk Road and the Classic of Mountains and Seas ("Shan Hai Jing"), and give them a contemporary touch. The new "Spark Community" and "CheerReal Club" provide creators and users with official channels for gifting, exchanging, circulating, and auctioning digital assets, giving them more space and opportunities to showcase their digital assets. CheerReal is currently only available in China.

Mr. Bing Zhang, Chairman and Chief Executive Officer of Glory Star, commented: "The upgrade aims to create an immersive and community-based Web 3.0 experience, stimulating the vitality of our new business strings and boosting overall performance of the Cheers ecosystem. By empowering creators and collectors, CheerReal has established a strong foothold in the market for digital collections, and as the market continues to grow, CheerReal is poised to become a leading player in the industry."