Color Star Technology Co., Ltd. (NASDAQ: CSCW) Continues to Build the Metaverse Platform with the Launch of its Metaverse Tokens

NEW YORK, Jan. 20, 2022 /PRNewswire/ -- Color Star Technology Co., Ltd. (NASDAQ: CSCW) (hereinafter referred to as "Color Star" or the "Company"), an entertainment technology company with a global network that focuses on the application of technology and artificial intelligence ("AI") in the entertainment industry, announced today that it will launch the "Color World" software token, namely "Color Tickets", at the same time as the launch of the entertainment metaverse platform, Color World APP, on January 28, 2022. These two concurrent launching events will allow users around the world to use the "Color Tickets" in the Color World APP.

In order to provide global users with a better life and entertainment in the Color World APP, the Company will simultaneously launch "Color Tickets" for global members to use in the Color World platform. The "Color Tickets" can be used in its software for spending, purchasing goods, and recharging games. As a virtual world, the Color World APP strives to achieve the same life scenario as the real one. In order for more members to live in the virtual world as if they were living in the real world, the Company will introduce tokens for virtual world. The "Color Tickets" are not legal tender and can only be used in the Color World APP.

Lucas Capetian, CEO of Color Star Technology, said: "the virtual world also needs a system and a transaction structure. In order to make the application experience better for members worldwide, we will introduce the Color World's own internal transactional media, the "Color Tickets". All members are free to exchange certain amount of "Color Tickets" they have in the Color World APP. Members can also use their "Color Tickets" to 'purchase' all the virtual products in the Color World APP, including celebrity peripherals, cars, houses, lands, artworks and everything else that exists in the Color World. At the same time, global members can also earn "Color Tickets" in Color World. Members can earn "Color Tickets" by winning games or by showcasing their singing, dancing, skills and various personal talents. Thus, in the virtual world, users around the world can prove their talents through the amount of virtual tokens they have. We hope that through these incentive-based and encouraging rewards, more players can become real estate tycoons, business tycoons, and entertainment tycoons in our Color World APP so that more people can achieve their ambitions."

Users can obtain the exchange rules of "Color Tickets" in the Company's entertainment metaverse platform, Color World APP. 

About Color Star Technology

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 China Entertainment 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.