The list of companies venturing into the metaverse now includes DatChat (NASDAQ:DATS). The messaging app was already using blockchain technology to extend more privacy to users. Now, DATS stock is surging on news that the company is gearing up to launch a new platform called VenVūū. The platform will allow users to advertise in the metaverse and monetize non-fungible token (NFT) creations. Today also marks the pre-sale registration launch of the new VenVūū Dynamic Content NFT.
Since news of the platform broke this morning, DATS stock has been skyrocketing. Shares rose some 25% in pre-market trading and haven’t stopped since. As of this writing, DATS is up more than 84%. Trading for around $3 now, this news could be what pushes it above penny stock status.
Here’s what investors should know.
What’s Happening with DATS Stock?
This development has major implications for both stock and crypto markets. DatChat made a name for itself as a social media service for users who wanted to send messages with more privacy. Now, the company is helping take advertising to the metaverse at a time when virtual real estate sales are rising. With VenVūū, metaverse landowners will have the ability to virtually connect with brands by way of DatChat’s technology.
The platform will allow landowners to opt into paid ad campaigns offered by brands and advertisers. For brands, this means the ability to extend targeted campaigns across the NFT network. According to a statement released by DatChat, these ads will initially be delivered in static or video format. However, they will likely be expanded to 3D images and more before the end of the year. As CEO Darin Myman states, this marks “the first simple solution allowing users to monetize their metaverse parcels while enabling brands a broad reach in the metaverse.”
For a company that was previously only known as a fringe social media app, this is a significant development. It shows DatChat is doing what it can to evolve, recognizing a key opportunity in a growing market. Metaverse real estate is selling for millions of dollars in some cases. While its future remains uncertain, it’s impossible to ignore the current boom. Giving companies the ability to advertise in the metaverse represents the next step forward for both advertising and metaverse tech. Basically, DatChat is helping usher in the metaverse advertising revolution AdAge predicted.
What It Means
It’s not hard to see why DATS stock instantly began surging on VenVūū’s launch announcement. Investors recognize a company that’s about to become an important name in the metaverse tech space.
Looking forward, April 26 marks the first day users will be able to begin minting NFTs on the platform, using either a credit card or crypto wallet. Investors should mark their calendars for that date.
This means that, for the next month, DATS stock will be in focus as the platform takes shape and momentum builds. DATS stock has already been hailed as a good Web 3.0 play due to its blockchain applications. Now, it’s about to boast the type of utility that comes from direct metaverse and NFT market exposure.
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On the date of publication, Samuel O’Brient did not hold (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.