SHANGHAI, Aug. 29, 2021 /PRNewswire/ -- The9 Limited
(Nasdaq: NCTY) ("The9"), an established Internet company, today
announced that it has formally stepped into the Non-Fungible
Token ("NFT") business. NFTSTAR Singapore Pte. Ltd., a
Singapore wholly owned subsidiary
of The9 Limited, will launch a NFT trading and community platform
NFTSTAR (www.nftstar.com), which is expected to be officially
launched in the fourth quarter of this year, while user
pre-registration incentive program is now starting.
The9 also announced that Mr. Gagan Palrecha, the former Dapper
Labs VP Operations, will join NFTSTAR as the Chief Operation
Officer (COO). Chris Shen, CEO of
NFTSTAR said, "We are very glad that Mr. Palrecha is
joining NFTSTAR. NBA Top Shot, developed and operated by
Dapper Labs, has already achieved great success in the NFT
market. Mr. Palrecha has extensive experience and resources for the
operation of the NFT platform. He will work with the management
team to further formulate both short-term and long-term product and
operation strategies." Mr. Palrecha will be responsible for
business development, fostering partnerships with celebrities and
strategic partners, product strategy, and business operations. Mr.
Palrecha will also establish an operation team in North America.
NFTSTAR is a NFT trading and community platform that provides
users with purchase, trade, and interactive activities. NFTSTAR
will feature NFT collections created by global stars
licensed IPs. Users can purchase different tiers of blind
boxes and own stars' limited NFT collections. Each NFT collectible
has a unique record on the blockchain, and the users will
obtain the ownership of the unique NFT collectible through purchase
on the platform, or through trading on NFTSTAR's marketplace.
NFTSTAR will accept general payment methods such as credit
cards to make it easy for mainstream consumers to participate.
NFTSTAR Community will feature stars from various fields,
including but not limited to sports, entertainment, art, and other
industries celebrities. Global sports stars will be the main
partners at the initial launch. The9 will soon announce
NFTSTAR's sports stars lineup one by one. NFTSTAR community aims to
create a significant entrance to the future metaverse through
NFT collections, trading, and community platform.
Zhu Jun, Chairman and CEO of The9
said, "NFT market is growing rapidly all over the world. Our
NFTSTAR platform has great potential to grow. Driven by the dual
core businesses of NFT and cryptocurrency mining, our globalization
strategy is getting more solid, and a broader market will bring
stronger growth to The9."
About The9 Limited
The9 Limited (The9) is an Internet company listed on Nasdaq in
2004. The9 aims to become a global diversified high-tech Internet
company.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the
United States Private Securities Litigation Reform Act of 1995.
These forward-looking statements can be identified by terminology
such as "will," "expects," "anticipates," "future," "intends,"
"plans," "believes," "estimates" and similar statements. Such
statements are based upon management's current expectations and
current market and operating conditions and relate to events that
involve known or unknown risks, uncertainties and other factors,
all of which are difficult to predict and many of which are beyond
The9's control. The9 may also make written or oral forward-looking
statements in its periodic reports to the SEC, in its annual report
to shareholders, in press releases and other written materials and
in oral statements made by its officers, directors or employees to
third parties. Statements that are not historical facts, including
statements about The9's beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: The9's goal and strategies; The9's expansion plans;
The9's future business development, financial condition and results
of operations; The9's expectations regarding demand for, and market
acceptance of, its products and services; The9's expectations
regarding keeping and strengthening its relationships with business
partners it collaborates with; general economic and business
conditions; and assumptions underlying or related to any of the
foregoing. Further information regarding these and other risks is
included in The9's filings with the SEC. All information provided
in this press release and in the attachments is as of the date of
this press release, and The9 does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law.
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SOURCE The9 Limited