How Far Will It Go? Color Star Technology Co Ltd (NASDAQ:CSCW) Closes Acquisition

Color Star Technology Co Ltd (NASDAQ:CSCW)  continues to see heavy buying interest as the stock has soared 25% over the past month. Moreover, the stock has gained 115% over the past six months.

Market Reaction:

As of 9:46, CSCW stock moved up 3% to $1.15 with more than 1.42 million shares, compared to  its average volume of 16.92 million shares. The stock has moved within a range of $1.1300 – 1.1500 after opening the trade at $1.13.

Major Trigger:

Color Star Technology Co., Ltd. (NASDAQ: CSCW) Cooperates with Movie Planet LLC and Youa Group to Jointly Create Film & TV Series Using Non-Fungible Token (NFT) Blockchain and Develop NFT for Entertainment Technologies

Key Highlights:

• announced on April 23, U.S. Eastern Time, the signing of a Memorandum of Understanding regarding the strategic cooperative development among Color China (a wholly-owned subsidiary of Color Star), a U.S.-based company, Movie Planet LLC (hereinafter referred to as “Movie Planet”), and a South Korea-based company, Youa Group (hereinafter referred to as “Youa Group”). The three parties expressed interest in jointly developing NFT application for the Hollywood Film Festival and International Film Festival databases.
• This tripartite cooperation will apply the NFT concept to future Hollywood films, actors, short celebrity videos, and celebrity products, while leveraging NFT to develop technologies for the entertainment industry.
• As an entertainment technology company, Color Star has always been committed to the integration of technology and entertainment. After the launch of NFT, the Company will accelerate its use of blockchain technology and continue to develop new technologies in the areas of film videos, music copyrights, and concert videos.
• After the launch of NFT, the Company will accelerate its use of blockchain technology and continue to develop new technologies in the areas of film videos, music copyrights, and concert videos. The Company has always believed that the entertainment industry is the most suitable field for NFT application. In the future, this technology can help solve many issues arising from copyright sales and new song releases.