Color Star Technology Co., Ltd. (NASDAQ: CSCW) Announces Sale of Portion of Movie "Guilt" as a Non-Fungible Token (NFT)
Color Star Technology Co., Ltd. (NASDAQ: CSCW) announced its plan to sell a portion of the unreleased content from the movie 'Guilt' as a non-fungible token (NFT). This initiative marks the company's first phase in NFT development, aiming to leverage blockchain technology in the entertainment industry. With increasing market activity in NFTs, Color Star expresses optimism in this arena and plans to expand into music and TV copyrights. The CEO, Luke Lu, stated that this move will accumulate experience for future NFT product launches, enhancing the company's technological capabilities.
- Color Star is entering the NFT market with the sale of unreleased content from 'Guilt,' positioning itself as an innovator in entertainment technology.
- The company's plans to expand into music and TV copyrights through NFTs indicate potential growth in revenue streams.
- The shift toward blockchain technology in entertainment aligns with current market trends, suggesting a timely strategic move.
- None.
NEW YORK, May 6, 2021 /PRNewswire/ -- Color Star Technology Co., Ltd. (NASDAQ: CSCW) (hereinafter referred to as "Color Star" or the "Company") announced that it will sell a portion of the content of the movie "Guilt" as a NFT.
Since its release, the movie "Guilt" has received a great deal of attention. The film, which is adapted from real events, has sparked lively discussion. The Company has decided to sell parts of the unreleased content of the movie as a NFT. The introduction of Color Star's NFT products is a new application of blockchain technology. The Company has always believed that the blockchain technology of non-fungible token suits the entertainment industry best. This technology not only promotes the development of entertainment copyrights, but also benefits materially the copyrights owners. With this NFT application in place, Color Star will continue to launch more NFT-related products in areas such as music copyrights and TV copyrights.
The CEO of Color Star, Mr. Luke Lu, commented: "Currently, NFT transactions in the market are very active, and we are optimistic about the application of NFT technology in the entertainment industry. The launch of NFT products for a portion of our movie "Guilt" belongs to the first phase of our NFT development and application. Based on the data from this phase, we will accumulate more experience in launching similar products in the future."
As an entertainment technology company, Color Star has been committed to conducting technological research applying to entertainment products. The Company believes that its high-tech capabilities and technology power will bring out more potential of entertainment products. As the Company continues to release more entertainment technology products, including blockchain products, artificial intelligence (AI) and augmented reality (AR) products, these products will attract more users and provide users with a more enriching experience. The Company firmly believes that these technologies will pave the future of entertainment.
Forward-Looking Statement
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantee of future performance and involve risks and uncertainties that may cause the 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 following: the Company's goals and strategies; the Company's future business development; product and service demand and acceptance; changes in technology; economic conditions; the growth of the educational and training services market in China and other countries where CSCW conducts its business; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward–looking statements to reflect events or circumstances that arise after the date hereof unless required by applicable laws, regulations or rules.
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SOURCE Color Star Technology Co., Ltd.
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