Color Star Technology Company Limited, an online entertainment and music education platform based in New York, has announced its plan to launch its avatars in its Color World metaverse as NFTs. The avatars would be a combination of both the physical products and the virtual forms. According to the company's CEO, Lucas Capetian,
"We always hope that our NFT products can have better collection value while being aesthetically appealing and practical. We have made a bold attempt this time to combine physical products with online physical products. We believe more users will be happy to collect such NFT products. In addition, owners of this series of Color World avatar NFT products will be the sole user and copyright holder of the avatar in Color World and even the virtual world around the globe, which I think is intriguing."
The buyers would be entitled to printed 3D figurines. Also, upon purchase, the buyers acquire permanent and exclusive rights to the use of the avatars.
Recently, the company had launched music copyright and videos as NFTs in conjunction with National Glory Holdings Limited, an investment company that develops and utilizes blockchain technology. For instance, in September 2021, the company announced plans to collaborate with top athletes to launch NFT sports products. In a comment by the immediate past CEO,
"this shows the company's commitment to diversify the current selection of NFT products in the market and promote more cooperation and synergies between the NFT and metaverse spheres. Color Star has decided that the culture and entertainment industry is most suited for NFT products ever since we started building Internet technology products."
Color Star plans to develop more NFT products, which would involve collaboration with sports teams, top celebrities, athletes, and artists. The products would be available on the Color World metaverse and major NFT trading platforms.