Takung Arts Co Ltd (NYSE: TKAT) the stock soared 277% in Wednesday’s regular session.
What happened: The Hong Kong-based online art trading platform has increased due to increased attention from social media amid the frenzy over non-fungible tokens. NFTs are similar to a digital certificate of ownership.
Takung offers collectors a way to collect Asian and other fine arts together, including paintings, calligraphies, jewelry and precious stones, according to its website.
Why does it matter: The hype in NFT has extended to the actions of other companies, including ESE Entertainment Inc (OTC: ENTEF) – a motor sports platform – that plans to research and develop NFTs applied to it.
The art of the NFT, from sneakers to memes, has been in focus lately and a Beeple piece – “The first 5000 days” – has gotten millions of dollar price tags.
Tesla Inc (NASDAQ: TSLA) CEO Elon Musk also joined the movement and put an NFT song – on the NFTs – for sale, which the artist Beeple offered to buy for $ 69 million, but later changed his mind.
Share price: Takung’s shares closed 277.3% higher at $ 22.60 on Wednesday and fell 7.7% to $ 20.86 in the after-hours session.
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