Chinese Businessman Wang Sicong Indirectly Holds Shares of Digital Collection Platform MintTown
Due to the indirect shareholding of Wang Sicong, a Chinese businessman and the only son of prominent real estate magnate Wang Jianlin, MintTown has become one of the most popular digital collection platforms in China.
An official introduction shows that MintTown is a metaverse community integrating digital collections, entertainment and social interaction. The “Creation Card” is the first digital collection it released. The price is 499 yuan ($69) and 5,000 copies have been issued, meaning that the total value of the digital collection is 2.495 million yuan.
In the future, the holder of the Creation Card will have the right to govern and vote for major decisions in a virtual world named “MintTown.” At the same time, the Creation Card will become a necessary raw material for MintTown to issue new digital collections in the future. Eight creation cards will be required to issue new collections this year, and the number will be halved every year.
MintTown opened for reservations on October 9. As of press time, Creation Card has apparently accumulated 500,000 subscriptions, although this is not verifiable. In order to expand its influence, MintTown gave certain rewards to users for inviting new buyers. According to Blue Whale Finance, MintTown will open the circulation of its digital collections in November. At present, some people have begun to sell qualifications for priority purchases, with prices ranging from 2,000 yuan to 3,500 yuan.
MintTown was established by MoreFun Entertainment Group. Its official WeChat account shows that the main operator is Shanghai MintTown Art Technology Co., Ltd. According to information on Tianyancha, the company was established on August 15 of this year, with registered capital of 2 million yuan. Wang Sicong indirectly holds partial ownership, with 27% of the shares of Shanghai Banana Plan Entertainment and Culture Co., Ltd. In the background introduction of the official website of MoreFun Entertainment, Wang Sicong’s Prometheus Capital is also listed.
Therefore, many digital collection players believe that MintTown was founded by Wang Sicong. In many digital collection communities, some people directly call MintTown “Sicong’s platform,” and use this as a means to attract more digital collection players.
In addition, MintTown mentioned that it has become the first batch of users of Huawei’s cloud digital asset chain, which has assisted hundreds of companies to build their own metaverse and digital collection platforms, and over one million digital assets have been issued on the asset chain.
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According to a report by 01ThinkTank, as of July 12, 2022, the number of digital collection platforms in China had reached 998, of which 640 were newly added in the first half of 2022. In addition, starting from February 2022, the number of monthly releases has exceeded one million, with May’s 4.969 million units as a peak.
However, there are also many digital collections that have witnessed sharp price reductions as skepticism of the sector mounts. According to incomplete statistics from Cailian Press, a total of 21 digital collections platforms announced their withdrawal in September.