The metaverse continues to trend well into the week after coming into the fold two weeks ago. However, it’s looking like more than just a trend now. Facebook’s rebrand to Meta Platforms (NASDAQ:FB) shows the seemingly omnipotent tech giant’s unwavering allegiance to the new industry. Other companies are taking note; after all, why wouldn’t a company look into the metaverse after seeing one of the most globally well-known companies make it their entire business model? Indeed, Dunxin Financial (NYSE:DXF) is one such company making a major pivot to the fledgling industry. As it announces its new move, DXF stock is on the rise.
Dunxin is a financial holdings outfit based in the Hubei province of central China. Its dealings are typically in financing smaller companies, according to Securities and Exchange Commission (SEC) filings. Dunxin traditionally operates in the space of consumer retail, supply chain and traditional finance products. For over a decade, DXF has been listed on the New York Stock Exchange, and it has trended downward almost its entire time on the American market. However, today it hopes to spark a change with its shift to the metaverse.
DXF Stock Eyes Up a Turnaround With Metaverse Shift
Dunxin is stirring up its fair share of chatter today upon its big announcement. The company will be following in the steps of Meta and making its very own foray into the virtual reality space. It is announcing this morning its intent to become a wholly dedicated metaverse and blockchain technology company.
The decision isn’t a spur of the moment one either; rather, the company has been researching the industry and developing a plan for two years, according to the press release. Of course, this seems to be a perfect time to reveal such a bombshell decision, considering the recent buzz about the metaverse.
Ricky Wei, CEO of Dunxin, is calling the metaverse one of the most important technologies of the Internet Age, bridging the gap between the web and the physical realm. The company also lauds the success of blockchain gaming and how it has become connected to virtual reality, specifically mentioning Axie Infinity (CCC:AXS-USD). Over the last year, the blockchain gaming play’s AXS token saw a rise from 12 cents per token to over $165 apiece.
As Dunxin makes its announcement, many investors are taking a keen interest in DXF stock. Shares are up 5% so far the morning, and trading volume is booming. Over 27 million shares of DXF are trading hands against a daily average of less than 288,000.
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.
