After half a year of suspension, the vice president of iQiyi’s NFT project switches to a new NFT project.

iQiyi's NFT project's vice president switches to another NFT project after a 6-month suspension.

iQiyi Exploration seems to have new actions in Web3.

Recent news shows that Kuek Yu-Chuang, Vice President of iQiyi, has become a new investor and advisor for NFT project Imaginary Ones.

Kuek Yu-Chuang has previously served as Vice President of Netflix and joined iQiyi in 2020. He is responsible for iQiyi’s strategic planning, market expansion, public affairs, and other work in the international market.

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iQiyi has repeatedly expressed its exploration of Web3 and has also held Web3 exchange meetings and other activities. In September 2022, iQiyi founder and CEO Gong Yu stated at the annual marketing meeting that iQiyi will adopt a “calm growth” strategy in the second half of the year and increase investment in content and the market. iQiyi is focusing on next-generation businesses such as cloud cinema, intelligent production, real-time business, AR/VR, and Web3.

The official website of iQiyi introduces the company’s focus on Web3. In terms of domestic metaverse layout, iQiyi plans to digitize high-quality IPs and distribute them externally, cooperate with IPs that fit its platform characteristics for internal distribution, and also engage in activities such as issuing and authorizing digital collectibles. In terms of overseas Web3.0 layout, iQiyi plans to release, design, and operate high-quality content overseas and collaborate with overseas NFT projects.

One of the most important layouts is in April 2022, when iQiyi released the digital collectible Parasitic Panda Producer C, which was issued by OHDAT Labs, the creator of multiple NFT projects such as OHDAT GENESIS LianGuaiSS, Beihai Monster, and Paladin Panda.

Prior to the sale, Producer C appeared multiple times in iQiyi’s variety shows and web dramas, and also actively participated in offline events with a technological and fashionable image.

iQiyi stated that the birth of the Parasitic Panda Producer C digital collectible signifies the brand’s further exploration and integration in the fields of content, trends, and technology, as well as the incubation and development of the long-chain of IP industry, and strives to achieve practical implementation.

Although iQiyi mentions cooperation with other projects in its collaboration and development roadmap, the only deep cooperation announced later was with NFT naming service TwitterScan at the end of 2022.

Currently, the Producer C project seems to have been suspended for more than half a year, and the official overseas social media account of Producer C has not been updated since March. The data of Producer C on the NFT trading platform Opensea is also not satisfactory. The floor price of Producer C NFT is only 0.0048 ETH, equivalent to $8, and the total market value is only 508 ETH, equivalent to $838,000.

Recently, iQiyi seems to be more focused on cooperation with overseas projects. The floor price of NFTs from IO: Imaginary Ones, an NFT project invested by Kuek Yu-Chuang, is 0.47 ETH, nearly 100 times that of Producer C NFTs. The issuer has collaborated with international fashion brand HUGO to release NFTs.

On June 16th of this year, iQIYI and the blockchain-based e-commerce metaverse platform Playbux announced a collaboration to launch the “Watch to Earn” feature. Users can watch programs and movies provided by iQIYI Building that are eligible for the “Watch to Earn” feature after entering the Playbux metaverse platform. After watching for a certain duration, they can participate in a lucky draw to win rewards such as NFTs and BUSD.

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