They actually filed a prospectus with the SEC in September 2021.[1]
Nothing there mentions a basketball team, or "metaverse". This company started as a cement maker in China, pivoted through floor tiles, then after-school education, and now online education and concerts.
There's a recent financial statement.[2] Finally, there's a business model:
"The curriculum development created by us includes music, sports, animation, painting and calligraphy, film and television, life skills, etc., covering plenty of aspects of entertainment, sports and culture. At present, we have signed contracts with well-known international artists and more than 50 celebrity teachers have been launched.
The Color World platform generates revenue primarily through paid membership subscriptions priced at $9.90 per user per month. Members can access most video courses on the platform for free and will be charged the tuition fee of $30/hour for taking classes of tier 1 artists and $15/hour for learning from Tier 2 artists. First three months of launch costs only $1.5/hour to attract downloads and there have been over 500,000 registered users as of the date of this report.
So it's a monetization platform for minor celebrities.
The financial statement has a balance sheet. They're losing money, and they're not very big.
[1] https://www.sec.gov/Archives/edgar/data/0001747661/000121390...
[2] https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747661/0...