Cinedigm (NASDAQ:CIDM) stock is soaring higher on Wednesday as investors speculate that the media company could become an NFT play.
NFTs stands for non-fungible tokens and they’re a form of cryptocurrency token used by people to buy and sell art online. The tokens are unique and have the support of blockchain, allowing for them to not be duplicated. They can be used to represent both digital and real-world art.
Investors have been itching to get their hands on NFT stock as interest in the market heats up. As a result, any company with even the slightest possible connection to NFTs is seeing shares surge as investors pile in hoping for profits.
So how does CIDM stock play into all of this? It’s a bit complicated but bear with me. Wizard Brands (OTCMKTS:WIZD) division Wizard World has announced the launch of Signature Series to create NFTs. The company also owns a minority stake in CONtv, an OTT service covering Comic-Con. That’s where Cinedigm comes in as it operates the service alongside Wizard World.
It takes a bit to get there, but the idea that Cinedigm could become an NFT stock isn’t too outlandish. However, that doesn’t mean investors should just dive in without knowing more about it. Luckily, we have a breakdown of the company at this link.
CIDM stock was seeing heavy trading today on the NFT talk. As of this writing, more than 44 million shares of the stock have changed hands. To put that in perspective, the company’s daily average trading volume is closer to 19 million shares.
CIDM stock was up 36.4% as of Wednesday morning and is up 209.7% since the start of the year.
Cinedigm joins a growing list of companies with stock prices swelling on NFT news.
More and more companies are attracting investors on the possibility that they could get in on the NFT game. That includes Liquid Media (NASDAQ:YVR), Takung Art (NYSEMKT:TKAT), Jiayin Group (NASDAQ:JFIN) and others. Investors can learn more at the links below.
More NFT News
- YVR Stock News: Why Potential NFT Stock Play Liquid Media Is Rocketing Higher
- NFT Stocks: Why JFIN, HOFV and TKAT Stocks Are Racing Higher
- DLPN Stock: Shares of Dolphin Entertainment Soar on Launch of New NFT Division
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
