NEW YORK, April 1, 2021 /PRNewswire/ — There has been an influx of companies buying bitcoin and accepting it as payment in recent times. For example, Meitu, a Chinese company that makes a photo editing app, accepted USD 22.1 Million worth of ether and USD 17.9 Million worth of bitcoin. This follows companies like Tesla and Square, which have also put an emphasis on cryptocurrency in recent months. However, the proliferation of cryptocurrencies and blockchain technology in the more mainstream business infrastructure is often misunderstood by the public, yet is more widespread than most perceive. For example, recent regulatory filings with the Securities and Exchange Commission indicate that JPMorgan is giving its investor clients a way to possibly benefit from crypto in the form of public-company stocks. Color Star Technology Co., Ltd. (NASDAQ: CSCW), Hall of Fame Resort & Entertainment Company (NASDAQ: HOFV), Sino-Global Shipping America, Ltd. (NASDAQ: SINO), Canaan Inc. (NASDAQ: CAN), Square, Inc. (NYSE: SQ)
In the meantime, non-fungible tokens (NFTs) have become immensely popular. A NFT is a unit of data on a blockchain and can represent digital files such as art, audio, videos, items in video games and other forms of creative work. SuperRare, an NFT art platform that has garnered tens of millions in new sales in recent weeks, has just raised millions from investors. According to a report by TechCrunch, “One unique facet of the platform is that creators can continue to earn on a piece’s appreciating value following with 10% commissions on secondary sales. After a lengthy crypto winter, blockchain startups are coming back with a vengeance amid a surge in startup investing, a surge in enthusiasm around NFTs and a surge in bitcoin prices.”
Color Star Technology Co., Ltd. (NASDAQ: CSCW) announced yesterday breaking news that,
“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…