NEW YORK, Nov. 8, 2021 /PRNewswire/ -- Color Star
Technology Co., Ltd. (NASDAQ: CSCW) (hereinafter referred to as
"Color Star" or the "Company"), an
entertainment technology company with a global network that focuses
on the application of technology and artificial intelligence (AI)
in the entertainment industry, after posting strong 2021
fiscal year operating results last week, today announces its full
commitment to continuing developing new metaverse
entertainment products, which will be released this
December.
Since Color Star began developing its own metaverse concept and
metaverse entertainment products in the beginning of 2021, it has
generated worldwide attention and awareness. Its global celebrity
interactive platform, Color Star app, launched in December 2020, has attracted more than 300,000
registered paying online users and continues to grow as
of today. This platform will undergo complete upgrading
including featuring a brand new interface that incorporates
all facets of the metaverse concept, creating an
"entertainment virtual world".
The new metaverse interface will feature entirely new street
scenes and urban landscapes, with the first group of virtual cities
to include Manhattan, Tokyo, London, Hong
Kong, and Beijing. Users
can choose which virtual city to live in and will have access to
virtual housing, vehicles, shopping malls, sports centers, cafes,
restaurants and other scenes, mimicking real life. They can
also make friends, play games, give performances, and engage in
other activities. In the Color Star metaverse, users can express
themselves through personalized virtual characters. At the same
time, virtual scenes will be produced in the form of non-fungible
tokens (NFT), available to be owned by global collectors. NFT
products to be launched with the entertainment metaverse this
December will include scenes, images, and music copyrights.
Mr. Basil Wilson, CEO of Color
Star, commented: "Everyone and every company has a different
understanding of the metaverse concept. We at Color Star believe
that the metaverse should be a world that allows all users to
express their passions and experience life state that is different
from real life. Color Star's entertainment metaverse can be based
in a city, or a different planet, that combines virtual reality
with reality, where one can regain his or her values and have new
experiences. There will be no "losers" in Color Star's metaverse;
everyone can have a wonderful life and even become a superstar.
There will be no harm, danger, or war, because everything is ideal,
beautiful, and good - even the air are colors of the rainbow. This
is the kind of metaverse that Color Star strives to create and
bring to global users."
At present, the Company has already completed basic testing of
its entertainment metaverse. Once launched, it will not only be a
technological achievement, but also the beginning of a brand new
virtual reality experience.
About Color Star Technology
Color Star Technology Co, Ltd. (Nasdaq CM: CSCW) is an
entertainment and education company that provides online
entertainment performances and online music education services. Its
business operations are conducted through its wholly-owned
subsidiaries, Color China Entertainment Ltd. and CACM Group
NY, Inc. The Company's online education is provided through its
Color World music and entertainment education platform. More
information about the Company can be found at
www.colorstarinternational.com.
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, including the development of the
metaverse project; product and service demand and acceptance;
changes in technology; economic conditions; the growth of the
educational and training services market internationally 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.