Oriental Culture Announces Strategic Partnership with Hangzhou Metaverse Internet Technology Co., Ltd.

Rhea-AI Summary

Oriental Culture Holding LTD (NASDAQ: OCG) announced a strategic cooperation MOU with Hangzhou Metaverse Internet Technology Co., Ltd. on May 26, 2022. This partnership aims to enhance NFT services for cultural and artwork collections, including minting, sales, auctions, and trading of NFTs. The collaboration focuses on utilizing both companies' resources to benefit global users and expand the listing of physical and digital collectibles on HKDAEx. This move positions OCG within the growing NFT market for collectibles, appealing to collectors, artists, and dealers worldwide.

Positive

• Strategic MOU with Hangzhou Metaverse Internet Technology to enhance NFT services.
• Expansion of offerings in NFTs for cultural and artwork collections.
• Collaboration will leverage resources for global user engagement.

Negative

• None.

HONG KONG, May 26, 2022 /PRNewswire/ -- Oriental Culture Holding LTD. ("Oriental Culture" or the "Company") (NASDAQ: OCG), a leading online service provider of collectibles and artworks, announced today that the Company's wholly-owned subsidiary, HKDAEx Limited, has entered into a strategic cooperation memorandum of understanding ("MOU") with Hangzhou Metaverse Internet Technology Co., Ltd. ("HMIT").

Pursuant to the MOU, the parties will cooperate and integrate their respective industry resources to provide services to global users in connection with NFTs for cultural and artwork collections, including the mint, sales, auctions, trading of NFTs. This strategic partnership aligns the unique strengths of OCG and HMIT, advances the listing business for physical and digital collectibles and artwork portfolios on the platform of HKDAEx，which is open for the collectors, artists, art dealers and owners worldwide. 

About Oriental Culture Holding LTD.

Oriental Culture Holding LTD is an online collectibles and artwork e-commerce service provider that allows collectors, artists, art dealers and owners to access a much bigger art trading market where they can engage with a wider range of collectibles or artwork investors than they could likely encounter without our platforms. We currently facilitate trading by individual and institutional customers of various kinds of collectibles and artworks and certain commodities on our leading online platforms owned by our subsidiaries in Hong Kong. We also provide online and offline integrated marketing, storage and technical maintenance service to our customers in China. The Company is in the process of developing business and services relating to NFTs for cultural and artwork collections as well as a metaverse project. For more information about the Company, please visit: www.ocgroup.hk.

Forward-Looking Statement

This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding plans, objectives, goals, strategies, future events or performance, as well as underlying assumptions and other statements that are not historical facts. A company is making forward-looking statements when it uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "plan," "estimate" or similar expressions that do not relate solely to historical matters. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks, including, but not limited to, the Company's objectives and strategies; the Company's future business development; financial condition and results of operations; demand for and acceptance of products and services; reputation and brand name; the impact of competition and pricing; changes in technology; government regulations; fluctuations in general economic and business conditions in China and assumptions relating to any of the foregoing and the Company's other risks contained in its reports filed with the Securities and Exchange Commission. For these reasons, we caution investors not to place undue reliance on any forward-looking statements contained in this press release. Additional factors are discussed in the Company's filings with the Securities and Exchange Commission, which are available at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances arising after the date hereof.

For further information, please contact:

Company Contact.
IR Department
Email: IR@ocgroup.hk
Phone: +852- 21103909

 

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SOURCE Oriental Culture Holding LTD.

FAQ

What is the recent partnership announced by OCG?

Oriental Culture Holding announced a strategic cooperation MOU with Hangzhou Metaverse Internet Technology to enhance NFT services for cultural collections.

How does the MOU affect OCG's business model?

The MOU aims to integrate industry resources for minting, sales, auctions, and trading of NFTs, thereby expanding OCG's market offerings.

What services will be included in the NFT cooperation for OCG?

Services include minting, sales, auctions, and trading of NFTs related to cultural and artwork collections.

When was the MOU between OCG and HMIT announced?

The MOU was announced on May 26, 2022.

What are the expected benefits of OCG's partnership with HMIT?

The partnership is expected to enhance global user engagement and broaden the listing capabilities for both physical and digital collectibles.