WiMi Hologram Cloud (NASDAQ:WIMI) is making its shareholders very happy as it posts some impressive gains this morning. It seems the company is capitalizing on the fervent trend of the metaverse, sparked by the recent Facebook (NASDAQ:FB) rebrand. The timing is right, the market is there, and WIMI stock is seeing the fruits of its savvy actions this morning.
WiMi is a Chinese company, whose products focus on holographic augmented reality (AR) and virtual reality (VR) products. Among these are a variety of different projects, ranging from automotive display software to LiDAR enhancements for self-driving vehicles. The company is upping its range of products today with the announcement of its new venture into the red-hot metaverse.
Indeed, WiMi is exciting holders today as it announces a foray into the metaverse with its new trademark. The company is in the midst of a filing for the right to the “WiMi Metaverse” trademark, suggesting the company will be working on its own robust metaverse.
WIMI Stocks Gains on Metaverse Hopes
The company, alongside this announcement of the trademark filing, is laying out all of its assets which enable it to produce a metaverse product. It says it owns of 4,600 pieces of VR intellectual property with which it can generate the actual virtual world. It also boasts its existing AR content production software, image detection tech, and multiple headset products.
WiMi says it plans on using its metaverse to bridge virtual reality with social networking, education, entertainment and communications tools.
Indeed, WiMi’s announcement comes at a perfect time for the company. It appears to be capitalizing on the metaverse trend just as Facebook makes its push toward its own metaverse. Beginning with its rebrand to Meta, the tech monolith is looking to make its platform into an expansive web of applications which bridge virtual reality with real life. Its announcement of the rebrand yesterday, as well as Mark Zuckerberg’s first peek into the metaverse product, is riling up a lot of people, for better or for worse.
Still, WiMi stock is proving itself to be one of the biggest gainers of the morning. Already, the stock is up nearly 20. Trading volume is also elevated; 73 million shares have traded hands so far against a daily average of 2 million.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.