Shares of Genius Group (NYSEMKT:GNS) opened higher by more than 30% today after the company announced that its board had approved a $10 “Blockchain-based Digital Discount Coupon” non-fungible token (NFT) for shareholders of GNS stock. The discount will be applied to each share held and aid in measures taken by Genius’ Illegal Trading Task Force.
So, how exactly will this discount work? Well, the first step is to dual list GNS on Upstream, which is a trading application that provides access to assets such as tokenized special purpose acquisition companies (SPACs), crowdfunded companies and celebrity ventures. The application is run by Horizon Fintex and MERJ Exchange Limited.
Genius notes that it already has a relationship with MERJ. This is due to its subsidiary, Entrepreneur Resorts, already being listed on the exchange. As a result, the company may be able to apply for an expedited listing process. That could come as soon as this month.
GNS Stock: Genius’ Board Approves $10 NFT Discount
Genius’ reason for listing on Upstream is so that shareholders can receive the $10 NFT coupon and trade with USD Coin (USDC-USD). Following the dual listing, shareholders will be able to receive their coupons after verifying their identity on Upstream and completing know your customer (KYC) requirements.
The date of record for the coupons, which will be issued as ERC721 tokens, will fall on Feb. 28. Shareholders will be given more details at the extraordinary general meeting on Feb. 16. Following receipt of the coupons, shareholders will able to redeem them for Genius Education Merits (GEMs) on GeniusU, the company’s edtech platform. Shareholders will be given 90 days to convert their coupons into GEMs and another 90 days to use their GEMs.
“GEMs operate as a digital credit system similar to airmiles or Roblox’s ‘Robux’ in which students earn GEMs which can then be redeemed for discounts in further courses or products,” the company clarified in the news release.
Genius will provide shareholders with information detailing the full range of products for which GEMs can be used at the upcoming meeting. The company will reveal more details about limits and restrictions concerning the GEMs as well.
On the date of publication, Eddie Pan 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.