Sino-Global (NASDAQ:SINO) stock is taking off on Thursday after the company announced plans to launch a new NFT exchange.
According to a press release from Sino-Global, it will be working alongside e-commerce public chain CyberMiles for the creation of the NFT exchange. The goal is to create a public platform for artists and collectors with strong security.
For those not in the know on NFT, it stands for non-fungible tokens. These are a type of virtual token that is unique to themselves and are sold by artists online. It allows collectors to own digital art with the unique token providing scarcity and value for them.
Lei Cao, the CEO of Sino-Global, had the following to say about the NFT news sending SINO stock higher today.
“NFT has become one of the most important basic application technologies in the process of social information digitization by enabling the monetization of digital products. We believe NFT and the blockchain that provides the basic technology for it will have a profound and irreversible impact on the transformation from the form of artwork circulation and the transformation of value concepts to the social identity, collaboration and distribution system.”
Sino-Global notes that the new NFT exchange will be based on the CyberMiles public chain. It will also have the benefit of CyberMiles’ years of experience. The platform is expected to undergo “continuous optimization iteration” as NFT and blockchain tech continues to evolve.
Sino-Global plans to launch its new NFT exchange in July 2021. Crypto investors that are taking an interest in the new way to collect digital art should make sure to check back in on the company when it’s closer to that date.
SINO shares caught the interest of investors today with the NFT news. As of this writing, more than 26 million shares of the stock have changed hands. That’s quite the jump from its daily average trading volume of 3 million shares.
SINO stock was up 15.3% as of Thursday morning.
The NFT craze is here to stay so collectors are going to want to get up to date on the scene below.
Interest in NFTs is gaining as digital investors seek out other ways to shore up their wealth online. The new way of trading art online is similar to cryptocurrencies but with some major differences. That includes each of the tokens not being in high supply.
More on the NFT Craze
- NFT Stocks: Reddit Chatter Lifts TKAT, OCG, YVR and IMTE Stocks
- TKAT Stock: Why NFT Play Takung Art Is Soaring 150% Today
- OCG Stock: 7 Things to Know About Red-Hot Oriental Culture
- What are NFTs? An Investor’s Guide to Investing in Non-Fungible Tokens
- 8 Hottest NFT Sales This Week: $69 Million Beeple NFT Tops the List
- 10 Top NFT Artists Making Coin in the Latest Crypto Trend
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.