Yes, I read a story about this a while ago. It
is made by Nintendo, which is why there's a "© 2003 Nintendo" on that site.

It's a pretty intuitive idea, similar to the Atari joystick that plugged into the TV. I don't see the point of using the N64 games, though as some households (like mine) actually still have an N64 console in their living room. IIRC, it's supposed an attempt to curb the rampant piracy in China, hence the lack of a North American release.
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