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, has announced that its subsidiary, Color Metaverse Pte. Ltd. (“Color Metaverse”), officially reached a strategic cooperation agreement (the “Agreement”) with Banger Games S.L. (“Banger”). In the future, the two parties will cooperate closely on metaverse game development, digital copyrights and related technologies.
Banger is a gaming platform that empowers gamers to monetize their time, challenge themselves, trade, improve their skills, and take full advantage of their gaming experience, in addition to developing a module for in-game achievement management, a cloud gaming platform and an anti-cheat platform. As a social platform with “artificial intelligence + celebrity entertainment” at its core, Color Star’s ColorWorld Metaverse platform (“Color World”) also has a game development segment.
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The subsidiary company Color Metaverse is focused on developing its business of digital commerce and products in the metaverse and the gaming platform that unifies both Web2 and Web3 games and empowers users throughout ownership, income and self-expression. After the Agreement is reached, the two parties will not only conduct joint development of metaverse games and establish a technology partnership, but will also take full advantage of their respective platforms and networks, combining gamification, cryptocurrency, NFT blockchain technology, etc. to create a new business model.
Farhan Qadir, CEO of Color Star, said: “Color World has a rich variety of content, and uses new technology to make it a fresh new metaverse platform. The most important thing here is to continuously develop new content, and the gaming segment must also become a point of focus. Its continuous improvement and update will bring us hundreds of millions of young users around the world, and we hope that users can not only enjoy a new experience, but also freely trade and do business. The cooperation between Color Star and Banger is to make this dream a reality. As the world’s first game center to provide monetization tools, Banger has an incredible advantage, especially in terms of cyber security, and can provide users with robust protection of their data. I believe that the cooperation between our two companies will not only bring more benefits and surprises to our game segment, but will also increase the amount of users for both companies, bringing more benefits to users.”
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