The stock of Color Star Technology (NASDAQ: CSCW) closed at $1.20. The company’s subsidiary Color China has signed a memorandum of understanding with Youa Group and Movie Planet LLC. These three mentioned parties signed into the deal, aiming to develop an outstanding NFT application.
The tripartite collaboration and its plans
The three partners hoped that their versatile application would prove useful to the International Film Festival databases and the Hollywood Film Festival.
The tripartite collaboration is looking for areas to apply its NFT concept. It has its eye fixed on Hollywood films, celebrity products, short celebrity videos, and actors. It also seeks to impact the entertainment industry and will thus be working to develop technologies using the NFT concept.
Color Star discloses that it won’t stop on its quest to integrate technology and entertainment. It is the reason it intends to take advantage of blockchain technology to further its business growth moves. However, it will only make a move after it completes the unveiling of NFT.
Color Star outlines that it will keep mobilizing its resources towards the development of outstanding technologies that will impact concert videos and music copyrights. It will also employ the technology to film videos.
The entertainment industry is a great opportunity
The company has pointed to the entertainment industry as the particular segment where its NFT application hugely applicable. It is rather optimistic that its technology will act as an ideal solution in important areas. The company mentions new song releases and copyright sales disputes as some areas that the technology will prove quite useful.
Color Star applauds the cooperation with Youa Group and Movie Planet, outlining some of its advantages. It believes that the collaboration will lure more customers into collecting and buying music copyrights, TV series, and Hollywood movies.