Digital publisher ChineseAll shares rose after launching digital collectibles platform
On May 29, ChineseAll, the biggest Chinese-language digital publishing company, launched a digital collectibles platform, “The Fifth Realm”.
According to the company’s announcement, “The Fifth Realm” is the company’s first metaverse digital collection platform, which will rely on the advantages of the company’s content library and IP development system to connect resources, develop and operate digital collections with collection potential.
The platform will encrypt digital collectibles with Tencent’s Zhixin Chain, and generate unique digital credentials, giving users access to indivisible and irreplaceable content, which can not be downloaded. According to the platform’s users’ agreement, users need to own a digital collectible piece for at least 365 days before they can regift it to another user. The time limit may be adjusted, according to The Fifth Realm.
Currently, the platform has struck partnerships with several popular cartoonists in China, including Shituzi, Shangxiao, Qiduyu, Xiaoxinyu, and others. Digital collectibles will be available for purchase stating 11:00 AM, June 1.
Founded in 2000 at Tsinghua University, ChineseAll has long been known for operating internet fiction platforms. The company’s recent moves signal its ambitions into the metaverse. ChineseAll started planning writing contests related to metaverse in September 2021. In November 2021, ChineseAll launched a “Chinese Metaverse Global Essay Contest”, which is the first industry-wide essay contest on the concept.
In addition, ChineseAll also established a metaverse team, including 65 staff from the company’s literature division, IP division, intellectual property division and R&D center. Due to its relations with the now hyped metaverse, the company’s shares have risen significantly, from the previous 5 CNY level to the now 10 CNY level, and have once reached a peak of 18.44 CNY.
According to ChineseAll’s 2021 annual report, ChineseAll achieved 1.189 billion yuan in revenue, an 21.82% increase year-on-year. Net profit attributable to shareholders of the listed company was about 98.79 million yuan, an increase of 101.93% year on year. The company’s net profit after non-recurring gains and losses was 23.4389 million yuan. This is the first time since 2018 that ChineseAll has achieved a turnaround in net profit after deductions.