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
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SOURCE Color Star Technology Co., Ltd.