NEW YORK, September 13, 2021 / PRNewswire / – Color Star Technology Co., Ltd. (NASDAQ: CSCW) (hereinafter “Color Star” or “Company”), an entertainment technology company with a global network that focuses on the application of technology and artificial intelligence (AI) to the entertainment industry, officially announces plans to establish an international business unit in Dubai as part of its strategy to deepen high-tech efforts to capture metaverse opportunities. While using virtual reality (VR) and augmented reality (RA) technologies, the company will continue to develop smart technologies to enhance the Color Star virtual universe.
The word “metaverse” was originally coined by a science fiction writer Neil Stephenson in the 1992 novel Allau, which refers to a virtual world similar to life that is parallel to the real world. People can reasonably spend most of their time in a world like this. The concept of metaverse is similar to virtual reality, but surpasses virtual reality in terms of greatness and special meaning. With the rules of global markets constantly changing and the impact of the pandemic, the metaverse has become the focus of capital markets; the most well-known and global technology companies are transformed into metaversa. Renowned companies have begun to struggle to gain market share, as it seems that many people have discovered the “New World” of metaverse.
As early as February of this year, after receiving private equity funding, Color Star began research and development of metaverse software, known as Color Star Metaverse, and continues to acquire software companies to form professional teams. for collaboration in the development and design of virtual communities and products. Color Star’s goal is not only to build a “parallel reality experience,” but also to create custom virtual characters and virtual scenes for Color Star Metaverse, where one can become their ideal self and have experiences imitating the real world. Color Star will also integrate the resources of famous artists and continue to organize performances, interactions, product sales, and other content related to Color Star’s Metaverse. Currently, the company has completed the first phase of Color Star Metaverse. With the creation of the Dubai business division, the second phase of Color Star Metaverse will include the launch of virtual reality scenes and complementary products that will allow users to build various social scenes, entertainment, everyday life and other visual experiences for their virtual self .
Sr. Basil Wilson, CEO of Color Star, commented: “We have already set foot in the field of metaverse. While completing the first phase of the Color Star Metaverse, the company also posted a series of merger announcements that are crucial to the “The establishment of a professional team and subsequent work on the Color Star Metaverse. We believe that the Color Star Metaverse will present endless possibilities for companies and the public, and all this will be done in our Color Star application.”
As Color Star continues to make efforts and investments in new technologies, the company has already created several technology products, including metaverse and non-fungible (NFT) tokens; the R&D department is currently working to combine these two technologies. Color Star will soon launch NFT-related metaverse products, so that more entertainment scenes can be presented to the public using advanced technology.
As for Color Star technology
Color Star Technology Co., Ltd. (Nasdaq CM: CSCW) is an entertainment and education company that offers 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 training is provided through its Color World music education and entertainment platform. You can find more information about the company at www.colorstarinternational.com
This press release contains forward-looking statements defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding plans, objectives, objectives, strategies, future events or performance, and underlying assumptions and other statements that are not statements of historical facts. When the company uses words such as “may”, “want”, “pretend”, “should”, “believe”, “expect”, “anticipate”, “project”, “love” or similar expressions that are not only related in historical matters, he makes forward-looking statements. Forward-looking statements do not guarantee future performance and involve risks and uncertainties that may cause 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 are not limited to, the following: company objectives and strategies; the future business development of the company; demand and acceptance of products and services; technological changes; economic conditions; the growth of the market for education and training services a China and other countries where CSCW operates; reputation and brand; the impact of competition and prices; government regulations; fluctuations in general economic and business conditions and the underlying assumptions or related to any of the above risks and other contents in the reports submitted by the company to the Securities and Exchange Commission. For these reasons, among others, investors are warned not to rely too much on forward-looking statements in this press release. Additional factors are discussed in the company’s applications to the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. The Company has no obligation to publicly review these forward-looking statements to reflect events or circumstances that arise after the date of this document, unless required by applicable laws, regulations or rules.
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