Scienjoy (NASDAQ:SJ) is among the NFT stocks getting a boost Tuesday after announcing plans for a loyalty program using the tokens.
Scienjoy is teaming up with Snipp Interactive (OTCMKTS:SNIPF) for the creation of the loyalty program. This will have Snipp’s Customer Acquisition, Retention and Engagement (C.A.R.E) platform being added to Scienjoy’s various mobile apps.
To start off with, this partnership will allow Scienjoy to offer more points through interaction on its platform. These points will then be exchangeable for a few different types of digital rewards. That includes “Scienjoy’s virtual currency, Bitcoin gift cards, retailer gift cards, trinkets, and more.”
Adding to that, Scienjoy will allow broadcasters on its platform to create NFTs. Fans will be able to bid on these NFTs with the reward points they earn from the loyalty program. This opens up a new way for Scienjoy to generate revenue on its service.
Victor He, chairman and CEO of Scienjoy, said this about the NFT news pushing SJ stock higher.
“With approximately 250 million users and 300,000 broadcasters across our ecosystem, we are well-positioned to help our partners increase their outreach efficacy. Our decision to explore the usage of both cryptocurrencies and NFTs through this strategic alliance further underscores our commitment to integrating those solutions that are new, innovative, aligned with our business objectives, and capable of fueling our long-term growth trajectory.”
SJ stock is seeing heavy trading today after announcing the NFT news. This has more than 37 million shares changing hands as of this writing, For comparison, the stock’s daily average trading volume is only about 6,000 shares.
SJ stock was up 65.2% as of Tuesday morning and is up 80.6% since the start of the year.
Scienjoy is far from the only company hoping to cash in on the surge of NFT interest.
Other companies are also gearing up on NFT efforts as digital investors shell out major money for the tokens. One example of other plans includes Topps and Mudrick (NASDAQ:MUDS) considering NFTs along with a SPAC merger. Investors can learn more about that and other NFT stocks news below.
More NFT Stocks News
- MUDS Stock: Mudrick Shares Trade Higher on Topps SPAC Merger, NFT Optimism
- 7 NFT Crypto Plays for the Adventurous Investor’s Watch List
- 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.