ZK International (NASDAQ:ZKIN) stock has been heading higher this week after the company announced plans to launch an NFT exchange.
The NFT marketplace will be run by xSigma Corporation, a subsidiary of ZK International created late last year to explore blockchain technology. This marketplace will allow users to buy and sell NFTs. On top of that, it will also let them create their own NFTs to sell.
ZK International notes that the project is will support multiple types of cryptocurrencies for NFTs. That includes Ethereum (CCC:ETH-USD) and Polkadot (CCC:DOT-USD). ZKIN says that the launch of the platform will enter it into an expected $1.3 billion marketplace.
Jiancong Huang, the co-founder and CEO of ZK International, had this to say about the news sending ZKIN stock higher on Friday.
“We have invested into xSigma to create value by developing various projects from the R&D lab and we are extremely pleased in our top tier team who continue to exceed our expectations and we believe that they have come up with another new great product for the NFT community, which is scheduled to be launched in the third quarter of 2021.”
ZKIN stock is seeing heavy trading today as investors continue to take interest in its NFT exchange plans. That’s has more than 21 million shares of its stock changing hands as of this writing. To put that in perspective, its daily average trading volume is roughly 2 million shares.
Non-Fungible Tokens (NFTs) are a form of cryptocurrency that artists are using to sell their works online. It works by creating a unique token for the art and then selling those tokens to collectors. That token can represent a digital art piece or one within the real world.
ZKIN stock has been moving all week since announcing the NFT news on Monday. Shares are up 61.8% since then and are up 37.1% today in early morning trading.
ZK International isn’t the only company trying to get in on the NFT boom that’s taking place online. Takung Art (NYSEMKT:TKAT) and Sino-Global (NASDAQ:SINO) are also entering the space in search of profits.
More on NFTs
- NFT Stocks: Reddit Chatter Lifts TKAT, OCG, YVR and IMTE Stocks
- 3 Industries That Will Benefit From NFTs Moving Forward
- What are NFTs? An Investor’s Guide to Investing in Non-Fungible Tokens
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.