Color Star Combines Virtual Reality with Reality in Attempt to Assist the Economy and Growing Markets
NEW YORK, Oct. 17, 2022 /PRNewswire/ -- Color Star Technology Co., Ltd. (NASDAQ:CSCW) ("Color Star" or the "Company"), an entertainment technology company with a global network that focuses on the application of technology and artificial intelligence in the entertainment industry, recently announced a new strategic cooperation with renowned Thai real estate company Grand Siri Corporation Co., Ltd. ("Grand Siri"). Grand Siri will join the Company's ColorWorld Metaverse ("Color World") platform, where Grand Siri will set up a metaverse headquarter and promote its brand with the help of the platform. In the future, Grand Siri will list its real estate projects in the metaverse to meet global housing demands.
Following the metaverse's meteoric rise in popularity and quantity, metaverses are categorized by industry. However, the real estate has not been as popular as the other industries. The fundamental reason is that real estate in the metaverse has only just emerged, and many concepts and contents are yet to be fully understood and perfected, resulting in the situation of being left out. Color Star believes that technology ultimately serves the real economy and the combination of virtual reality and reality can only bring stability to the public and profit to the enterprises. For this reason, Color Star sets up virtual headquarters for businesses and enterprises, taking the lead in homogenizing real world businesses and the metaverse, promoting these businesses to users worldwide. Regarding conversion rates, Color Star will cooperate in the development of digital products, for example, NFTs, based on the real-world projects and products of businesses. These digital products will then be sold in the virtual marketplace. Although it is a metaverse concept, it is a technological experience with a physical guarantee for users. Undoubtedly, it is beneficial for both users and businesses.
Through this cooperation, the two sides will mutually benefit and help each other make progress in their own businesses. Color Star will build a virtual headquarter on the metaverse platform using VR technology to vividly showcase the properties for sale in full detail. Users will be able to view and purchase properties online from half the world away, unhindered by the pandemic. The two companies will be focused on the topics of online real estate sales, user conversion and diversion, corporate brand enhancement, etc.
Farhan Qadir, CEO of Color Star, said: "Color World is a metaverse platform; while providing users and businesses a complete platform experience, we are looking to partner with and add value to more businesses. We do this by combining our platform with real-world products and services. At the end of the day, technology can not survive solely on its own, it should be integrated into the real-world, promoting each other to grow the world economy and its markets."
About Color Star Technology Co., Ltd.
Color Star Technology Co., Ltd. (NASDAQ:CSCW) is an entertainment and education company that provides online entertainment performances and online music education services. Its business operations are conducted through its wholly-owned subsidiaries, Color Metaverse Pte. Ltd. and CACM Group NY, Inc. The Company's online education is provided through its Color World music and entertainment education platform. More information about the Company can be found at www.colorstarinternational.com.
Forward-Looking Statement
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 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, including the development of the metaverse project; product and service demand and acceptance; changes in technology; economic conditions; the growth of the educational and training services market internationally 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.