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Color Star Technology Inc. (CSCW) stock surges during pre-market trading. Why is it so?

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Color Star Technology Inc. (CSCW) stock plunged in the last trading close by 11.26% whereas the CSCW stock rises by 45.52% during the pre-market trading session after Color Star announced that they are building a non-fungible token (NFT) business. Color Star Technology is an entertainment and education business that offers online entertainment and also provides music education through online ways.

What is happening?

Color Star Technology recently revealed that its entirely owned subsidiary, Color China Entertainment, is establishing a non-fungible token (NFT) company for the manufacture, release, and promotion of NFT in the areas of network copyrights, concerts, artist images, TV shows, music, museum collections, and celebrity-exclusive product designs.

Under this new initiative, NFT business by Color Star Technology will focus on Copyright procurement, concert videos, and ticket sales, as well as music and artist engagement. CSCW expects to capture more benefit and recognition opportunities for artists and collectors alike by using NFT encryption technology. Color Star’s latest NFT production could aid in the creation and launch of NFTs for all of the Color Star’s clients, including online museum collections, online concert videos and ticketing, personalized celebrity merchandise, and creator copyrights, to name a few.

Recent Past Development

On March 25, 2021, Color Star Technology announced that they have invited Steve Aoki who is among the world’s top 100 DJ stars to perform on Color Star App which is the international platform for sharing entertainment on April 23, 2021. Color Star is set to start its online live show which is expected to be a big hit. Steve Aoki is introducing his personal electronic music display to the Color Star APP for the first time, raising the appeal of electronic music. Steve Aoki will be the platform’s exclusive DJ for a month as part of this partnership.

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