In the ever-exploding sector of non-fungible token (NFT) stocks, countless new players are stepping up to make their dent in the industry. One of the newest companies trying to cross over into the realm of NFTs is LiveXLive (NASDAQ:LIVX), and its stock is on the move with the news.

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LiveXLive is a media company whose focus is in music streaming and online entertainment. Recently, the company is finding publicity through its partnership with Vice Media. The two companies are partnering for their “Music Lives” online music festival, which was first held last weekend.

The event was a great success, according to the company’s press release. The 72-hour livestream, which featured over 100 popular music artists, saw 23 million viewers.

Furthermore, the press release contains an interesting announcement regarding its entrance into the market of NFT stocks. Through the event, LiveXLive has launched its first NFT product in the form of digital concert posters. The company is now looking to expand on the success of the product by creating its own dedicated NFT division.

The announcement is not necessarily surprising, as music and NFTs seem to go together like peanut butter and jelly. However, this press release is elevating the LiveXLive brand from relatively obscure to up-and-coming NFT stock option more quickly than any other company I’ve seen yet.

NFT Stocks: The Bottom Line on LiveXLive

Yahoo Finance is reporting positive sentiment toward LIVX stock as of recent, citing higher-than-average trade volume and high implied volatility. Some call options are as high as $10 on the stock.

Today is seeing an odd turn of events for the new NFT stock, though. Shares are currently down by 20%, which is highly unusual for a stock coming off of such a good-news press release. It would be wise to keep an eye on the company going forward, as it will likely bounce back. The consensus among analysts prices LIVX stock above $6, so don’t let the dip scare you.