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NEW YORK, March 16, 2021 /PRNewswire/ -- Color Star Technology Co., Ltd. (NASDAQ: CSCW) (hereinafter referred to as "Color Star" or the "Company"), today announced the signing of a cooperation agreement between its wholly-owned subsidiary, Color China Entertainment Co., Ltd. (hereinafter referred to as "Color China"), and Doman (HK) Ltd. (hereinafter referred to as "Doman"). The cooperation will provide blockchain technology support for Color Star's interactive entertainment platform software, known as Color World APP.
Doman is a Hong Kong-based company that provides blockchain technology to many enterprises around the world, addressing issues in computing and internet management. The cooperation between Color China and Doman will focus on several areas of blockchain technology, including entertainment copyright blockchain, membership management blockchain, and the development and application of interactive community blockchain. The cooperation will also include joint efforts to create a "private chain" and the continued pursuit of breakthroughs in augmented reality (AR) technologies. In addition, the cooperation may include mutually agreed strategic investments in each other. At present, the Color Star APP boasts more than 1 million users, with continued growth in its user base. As the Company continues to launch new applications on the APP, including AR theater, AR museum, artificial community and others, the development of these applications should enable it to progress towards becoming a high-tech internet company. The cooperation between Color China and Doman will also provide support for establishing copyright trading platforms, and in the future, Color Star plans to build an open, global copyright trading and communication platform through blockchain technology. This is planned to be a platform where audiences from around the world can use to display their own copyrights for movies, TV shows, music, games, books, and art, while also engaging in the trading of these copyrights. The development of this platform should make future copyright exchanges more open and fluid. A platform user who is currently unknown, but has strong creative abilities, might use this platform to help showcase his hidden talents; the copyright exchange platform of the Color Star APP may quickly match him to those who can appreciate and understand the value of his work. This platform may also benefit enterprises, which may use the platform to discover talent, while avoiding pricy intermediary fees. Through this platform, people may find their favorite works in one stop, and as the Color Star APP becomes integrated with AR technology, it should turn copyrights from plain text into vivid presentation, thereby allowing everyone to appreciate the talented works of others.