Genius Group (NYSEMKT:GNS) stock is taking off on Thursday after the company revealed plans to offer non-fungible tokens (NFTs) with its shares.
Specifically, Genius Group plans to include a $10 “Blockchain-based Digital Discount Coupon.” The company is moving forward with this as part of its plan to combat the potential illegal short selling of GNS stock.
This plan has Genuis Group looking to conduct a dual listing of its shares on Upstream. This will allow shareholders on Upstream to get the NFT coupon. The offering includes one $10 NFT discount coupon per share of GNS stock.
Finally, investors can then trade these coupons in for Genius Education Merits (GEMs), the company’s digital credits used for products on its platform. Investors will have 90 days to convert the NFT coupons to GEMs. Additionally, the NFT coupons and GEMs can not be sold or traded.
CEO Commentary On The NFT Plan
Roger Hamilton, CEO of Genius Group, provided some reasoning behind the NFT plan:
“Our investors have traditionally been retail investors who began as our students and partners, and we have had a history of providing rewards to them to acknowledge their support. With this $10 NFT Coupon per share reward, investors gain the additional benefit of participation in both Upstream’s blockchain-powered stock exchange, where shares can be individually verified.”
GNS stock is already seeing strong trading this morning following the NFT announcement. This has some 11 million shares on the move in pre-market trading. That’s quickly catching up to the daily average trading volume of about 16.6 million shares.
GNS stock is up 38.9% as of Thursday morning.
There’s more stock market news traders will want to know about below!
We’ve got all of the hottest stock market coverage investors need to know about on Thursday! That includes why shares of OncoSec Medical (NASDAQ:ONCS), TeraWulf (NASDAQ:WULF) and ZyVersa Therapeutics (NASDAQ:ZVSA) stock are on the move today. You can catch up on all that news at the following links!
More Thursday Stock Market News
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- Why Is ZyVersa Therapeutics (ZVSA) Stock Up 94% Today?
On the date of publication, William White 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.
