NEW YORK, April 13, 2021 /PRNewswire/ — Color Star Technology Co., Ltd. (NASDAQ: CSCW) (hereinafter referred to as “Color Star” or the “Company”) announced today that it has signed a strategic cooperation agreement with Supre NFT, a diversified NFT super platform, in which both parties agreed to have in-depth collaboration in the development of future Non-Fungible Tokens (“NFT”).
Supre NFT maintains SuperTop, a diversified and integrated NFT super platform, covering NFT creation and trading, auctions, physical mapping NFT, collateral, NFT social applications, among others. The platform is built on the SupreNFT protocol and STU certification, and developed by deploying and integrating ERC-721 and ERC-1155 NFT and other protocols, such as SupreNFT, SupreART, SupreMe, and SupreFi. SupreTop aspires to be the “eBay” of the NFT world. SupreTop is a super trading and creation platform with the technology to aggregate hundreds of NFT trading platforms. It is expected to also support the creation and transaction of any NFT that has been connected to the platform with just one click, as well as support NFT casting, purchase, and sales of ERC-721 and ERC-1155 NFT, Bigdipper, BEP2, FLOW, WAX, and BSV.
In the future, Color Star expects to publish, in NFT form, the contents of its own film rights, online concert tickets, online concert videos, celebrity peripheral products, celebrity videos, music rights, and TV rights. Color Star is committed to technological development within the entertainment industry. It has invested tremendous resources and effort into research and development, and has made steady progress in the construction of augmented reality (AR) and artificial intelligence (AI). This time, the Company has increased its efforts in the development of NFT, as it believes this will generate more revenue and growth potential for original copyrights and their creators. In the future, the Company also plans to develop more NFT with entertainment content.
The CEO of Color Star, Mr. Luke Lu, commented: “We are very pleased to reach a consensus on cooperation with Supre NFT. In the future, the two parties expect to have deeper cooperation in the NFT field. NFT is a sought-after new potential in the market, but there is currently limited content and IP products that are associated with NFT. Color Star does not focus on short-term objectives at the expense of long-term growth, so we look forward to developing NFT products that should allow global audiences to view more high-quality entertainment content, and in the meantime generate well-deserved returns to the original authors. Our NFT products are based on the protection of intellectual property rights and should enhance more creative potential. The stronger the quality of our creative endeavors, the more well received we expect the NFT products incorporating our intellectual property will be.”
The cooperation between Color Star and Supre NFT is expected to be a multifaceted collaboration. Both parties plan to share resources and leverage their own advantages in the areas of brand promotion, market expansion, and community building. Supre NFT’s well-rounded technology and trading platforms provide a trusted ecosystem for unique NFT to be created and exchanged, and Color Star’s robust and growing library of unique and proprietary content lends itself to truly collectible NFT. The Company hopes to use NFT technology to give users more access to copyrights and video content via digital encryption, and expects that this technology will give fans digital ownership of personally meaningful NFT. In the future, the Company expects to launch more NFT products in the scenes of AI and AR, video, celebrity products, and other sections of the Color Star APP.
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 a 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; consumer and government acceptance of cryptocurrencies in general and nonfungible tokens in particular; the adoption of the SupreTop platform by other NFT content creators and platforms; 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.