Color Star Technology Co., Ltd. (Nasdaq: ADD) (“Color Star” or the “Company”), an entertainment technology company with a global network that focuses on the application of technology and artificial intelligence in the entertainment industry, recently announced that its subsidiary, Color Metaverse Pte. Ltd. (“Color Metaverse”), has entered into a strategic cooperation agreement with Daxi Media (“Daxi”). Daxi’s “Quan Ornaments” jewelry brand will be introduced to the ColorWorld _ Metaverse platform (“Color World” or the “Platform”). In the future, Daxi will start its wholesale and retail businesses in the Color World, as well as carry out international business cooperation through the Platform.
It is understood that Daxi is a wholesaler and retailer of jewelry and accessories, but due to the changing economic environment in recent years, it has started to shift to electronic commerce, a big step forward for the brand. Daxi is hoping to expand into the global market through the metaverse platform to not only attain greater profits, but to also develop new products in collaboration with international brands. Color Star will start off by designing Daxi’s metaverse store for it. Products will be on display inside the store for users to browse and purchase. Moreover, the two companies will collaborate on designing and producing cultural and creative accessories, as well as celebrity merchandise in the future, creating more room for cooperation.
Color World is a feature-rich online multimedia metaverse platform. Since its release, the e-commerce segment has attracted many companies from various industries to the Platform. The team at Color Star hopes to make the e-commerce segment of the Color World platform the “Amazon of the metaverse”, a gateway to e-commerce for international businesses. In the age of information technology, buyers can purchase products they want through the software with a single click, while receiving buyer protection in terms of logistics, quality, and after-sales service. Color Star is ardently developing the software and its cyber security, while on the other hand speedily opening up more convenient channels for buyers and businesses, such as designing and building Daxi’s shops for free, reducing service fees and providing free marketing services for merchants, all of which have won the approval of buyers and businesses. With the resources of over a million users and the presence of many reputable merchants, Color Star provides a nurturing environment where businesses can develop and prosper.
Farhan Qadir, CEO of Color Star, said: “We are very happy that there will be a variety of businesses populating Color World. I have said many times that it is impossible to divest the traditional economy in the digital age. The metaverse, as the ultimate form of the internet, will certainly give people a new understanding of the power of technology and artificial intelligence through greater freedom of choice and the facilitation of flexible working. Our platform should not only meet the users’ needs, but also make their lives easier with novel and convenient technologies. Once a business joins the Platform, they become automatically interconnected with other businesses on the Platform. Businesses can cooperate with each other and even market products together, merging and expanding each other’s markets. Independent users may also cooperate with merchants or other users. In every case, businesses will stand to profit. Ideally, Color World will become an irreplaceable application in everyone’s lives. I’m certain that Color Star will eventually achieve this goal.”