Color Star Technology Co., Ltd. (NASDAQ: CSCW) Announces the Development and Application of Non-Fungible Token (NFT) for Its Entertainment Business
Color Star Technology Co., Ltd. (NASDAQ: CSCW) has announced plans to develop a non-fungible token (NFT) business via its subsidiary Color China Entertainment. This initiative will focus on creating, releasing, and promoting NFTs related to copyrights, concerts, artist videos, and celebrity merchandise. The company aims to leverage NFT technology to enhance profit opportunities for artists and collectors while expanding its entertainment offerings through the Color World APP. The integration of augmented reality and collaboration with digital artists is also part of this strategy, aiming to enrich its NFT product range.
- Development of NFT business could enhance revenue streams.
- Integration of augmented reality (AR) technology may differentiate offerings.
- Collaboration with multiple digital artists could expand market reach.
- Reliance on forward-looking statements introduces uncertainty regarding actual outcomes.
- The NFT market is highly competitive, posing potential risks for market entry.
NEW YORK, March 30, 2021 /PRNewswire/ -- Color Star Technology Co., Ltd. (NASDAQ: CSCW) (hereinafter referred to as "Color Star" or the "Company"), recently announced it is developing a non-fungible token (NFT) business for the production, release, and promotion of NFT through its wholly-owned subsidiary, Color China Entertainment Co., Ltd. (hereinafter referred to as "Color China"), with regard to network copyrights, concerts, artist videos, TV programs, music, museum collections, and celebrity-exclusive product designs.
Color Star continues its high-tech development to move toward as an entertainment technology company, and is fully committed to bringing technology, artificial intelligence, and community sharing to the entertainment arena. The Company's NFT business will focus on copyright procurement, concert videos and ticket sales, as well as music and artist interaction. Through the application of NFT encryption technology, the Company hopes to capture more profit and appreciation potential for artists and collectors alike.
The CEO of Color Star, Mr. Luke Lu, commented: "The Company has always strived to build our entertainment business on the application of new digital technology, and now with the NFT development, we should be able to achieve more breakthroughs in science and technology with respect to our products, services, and partnerships. With a strong foundation in celebrity entertainment content and creative capability, coupled with the launch of the Color World APP — a celebrity interactive platform created by Color Star, the Company can better enhance and perfect the application scenarios for NFT, and lead the way into a new era of culture and entertainment."
The Company's new development of NFT should help to create and launch NFTs for all of Color Star's partners, including online museum collections, online concert videos and ticketing, customized celebrity products, producer copyrights, among others. The convergence of entertainment content with NFT is an ideal combination, where the uniqueness of celebrities and of individual creations generate demand for NFT. Celebrity clips, exclusive behind-the-scenes highlights, production copyrights, concert tickets, and other contents launched by the Company should give collectors more access to purchase ownership rights. At the same time, the Color Star APP will incorporate augmented reality (AR) technology in conjunction with NFT in producing not only traditional 2D visual products, but also new creations presented in 3D, thereby diversifying NFT applications. The Company has already planned cooperation with more digital artists to display their work on the platform, enriching the range of product offerings. The combination of "celebrity + entertainment + products + digital works + copyright" should provide all-around benefit for the development and application of NFT products, which the Company believes will help to inject new ideas and vitality into the virtual digital currency market. At present, the Company is negotiating cooperation with a number of blockchain technology companies and platforms to launch its NFT for its services and products, with the latest creations expected to soon be revealed.
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.
For more information, please contact:
William Tu
Skyline Corporate Communications Group, LLC
One Rockefeller Plaza, 11th Floor
New York, NY 10020
Office: (646) 893-5835
Email: wtu@skylineccg.com
View original content:http://www.prnewswire.com/news-releases/color-star-technology-co-ltd-nasdaq-cscw--announces-the-development-and-application-of-non-fungible-token-nft-for-its-entertainment-business-301257188.html
SOURCE Color Star Technology Co., Ltd.
FAQ
What is Color Star Technology's new NFT business about?
How will Color Star Technology utilize NFTs?
What technologies will Color Star incorporate into their NFT business?
What are the expected benefits of the NFT business for Color Star Technology?
What risks are associated with Color Star Technology's NFT plans?
