"obvious words followed by 888"? Why hide the crap under such a mellow phrase?
"admin888" is the default admin password for a LOT of Chinese-made IPTV stuff, including Huawei / Hikvision / Dahua NVRs and cameras.
It's not something specific to the nursery cams, they just re-packaged the standard stuff that everyone ships from China.
Some Chinese-made devices don't even allow you to change the admin password... the "change password" option is simply missing on those.
e.g. i saw this thing on some Mio MiVue WiFi dashcams... they don't allow changing the WiFi password for the dashcam ("12345678" - wifi is used for admin access to the camera)
Also, their app for windows PCs only runs with administrative rights. It also downloads and executes software from Mio's website without using https or even at least digitally signed executables.
It basically runs unsigned remote code directly, without any origin authentication for the executables.
All you have to do is spoof and change on-the-fly anything coming from http://download.mio.com/dvr/pctool/tw/version.ini
(yep, China doesn't do https - just in case they need to deliver remote execution state-controlled shitware)
... and if you feed it a high enough version number so that it trips the automatic update mechanism, their app will execute with administrative rights any executable that you feed it via that INI file, without even checking for a digital signature.