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.