Benzinga | May 6, 2021 08:35AM EDT

Color Star Technology Reports Sale Of Portion Of Movie 'Guilt' As Non-Fungible Token

Color Star Technology Co., Ltd. (NASDAQ:CSCW) (hereinafter referred to as "Color Star" or the "Company") announced that it will sell a portion of the content of the movie "Guilt" as a NFT.

Since its release, the movie "Guilt" has received a great deal of attention. The film, which is adapted from real events, has sparked lively discussion. The Company has decided to sell parts of the unreleased content of the movie as a NFT. The introduction of Color Star's NFT products is a new application of blockchain technology. The Company has always believed that the blockchain technology of non-fungible token suits the entertainment industry best. This technology not only promotes the development of entertainment copyrights, but also benefits materially the copyrights owners. With this NFT application in place, Color Star will continue to launch more NFT-related products in areas such as music copyrights and TV copyrights.

The CEO of Color Star, Mr. Luke Lu, commented: "Currently, NFT transactions in the market are very active, and we are optimistic about the application of NFT technology in the entertainment industry. The launch of NFT products for a portion of our movie "Guilt" belongs to the first phase of our NFT development and application. Based on the data from this phase, we will accumulate more experience in launching similar products in the future."

As an entertainment technology company, Color Star has been committed to conducting technological research applying to entertainment products. The Company believes that its high-tech capabilities and technology power will bring out more potential of entertainment products. As the Company continues to release more entertainment technology products, including blockchain products, artificial intelligence (AI) and augmented reality (AR) products, these products will attract more users and provide users with a more enriching experience. The Company firmly believes that these technologies will pave the future of entertainment.