Color Star (CSCW) Stock is Falling From The Recent Peak

The non-fungible token (NFT) space has garnered a lot of attention from investors in recent times and companies that are moving into that space have also seen heavy action in their stocks. One of the stocks that could be looked into at this point is that of Color Star Technology Co Ltd (NASDAQ: CSCW).

The stock had hit its peak recently after it emerged as an NFT play last month. However, the Color Star stock has declined sharply from its recent peak. Last month, the Chinese company announced that it was working on the development of a new business that is going to be focussed on the release, promotion, and also production of NFTs. The company also announced that the business was to be controlled through a fully owned subsidiary.

Related:  GameStop (GME) Stock Gets Sudden Buying Interest: But Why?

The announcement proved to be a major boost for the Color Star stock and it soon rallied strongly as investors flocked to the stock. It remains to be seen if new investors turn to the stock after the recent correction.

Anthony Gonzales

Biotech, Tech, and Crypto reporter Anthony Gonzales brings 3 years of experience in helping grassroots, mid-sized organizations and large institutions strengthen their management and resource generating capacities and effectively plan for the future. He is also a mentor and professional advisor to artists working in all disciplines. He is the gold medalist from St. Marco University of Science and Technology in the Bachelors of Financial Management as well.