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Stock Markets1 hour ago (Nov 08, 2021 09:31AM ET)

Is Color Star Technology a Good NFT Stock to Own?
© Reuters. Is Color Star Technology a Good NFT Stock to Own?

Leading entertainment technology company Color Star Technology’s (CSCW) shares have shot up in price recently, driven by the growing popularity of its key metaverse project and the launch of its sports-related NFT products. However, given worries surrounding the stock’s non-compliance with Nasdaq’s listing rules and risks in NFT investment, will the stock be able to maintain its momentum? Read on.Based in New York City, entertainment and education company Color Star Technology Co., Ltd. (CSCW) operates an online platform that offers education and entertainment services in the United States and China. The company’s continuing expansion and efforts to develop its key metaverse project, and its investment in sports-related non-fungible token (NFT) products, which are expected to be launched next month, have helped it attract significant investor attention of late. CSCW’s stock has gained 34.1% in price over the past month.

However, its shares have declined 19% in price over the past three months and 3.5% year-to-date. Closing its last session at $0.68, CSCW is currently trading 74.5% below its 52-week high of $2.67.

The company recently announced the receipt of a continued listing standards letter from Nasdaq, notifying it that it did not comply with Nasdaq’s minimum bid price requirement. And although the growing popularity of its Color Star app and expansion of entertainment technologies have helped CSCW bring value to its global users, its foray into the highly volatile NFT space could pose a risk to its stock.

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