Takung Art Up 32% On Hope It will Adopt NFT To Grow Business
By Dhirendra Tripathi
Investing.com – Takung Art (NYSE:TKAT) shares rocketed by 32% in Tuesday’s trade, benefiting from the NFT mania now raging in the material world.
NFTs, or non-fungible tokens, are digital properties that are stored in a blockchain. An NFT symbolizes digital ownership of a certain physical item which could be a tweet, a painting, a photo, calligraphies, jewelry and precious gems.
Since it’s stored in blockchain, it is transparent and cannot be copied or stolen.
« We think of NFTs as purely upside, but do not incorporate any revenue or assign any value to this opportunity, » Seeking Alpha quoted BTIG analyst Marvin Fong as writing in a note.
Takung Art provides an online trading platform for art collectors and investors to acquire shared ownership in Asian and other fine art – including paintings and calligraphies – and participate in the booming Asian art market without fear of price manipulation and forgery.
Investors believe Takung Art will adopt NFT technology to enhance its art trading platform, which could lead to more revenues for the Hong Kong-based company. From its 52-week lows, the stock has risen by more than 9000%.
Recently, Twitter (NYSE:TWTR) CEO Jack Dorsey sold his first tweet ever as an NFT for about $2.9 million.
« Many artists have been selling NFTs for several years (NFTs have been around since about 2012) and may have already established their loyalties elsewhere, » BTIG’s Fond said in the note.