Takung Arts Co Ltd (NYSE: TKAT)’s share shot up 277% on Wednesday.
What happened: The Hong Kong-based online art trading platform has risen due to increased social media attention amid madness surrounding non-fungible signs. NFTs are similar to a digital certificate of ownership.
Takung offers collectors a way to own joint Asian and other fine arts, including paintings, calligraphy, jewelry and precious jewelery, according to the website.
Why it matters: The hype in NFT has spread to shares of other companies, including ESE Entertainment Ing (OTC: ENTEF) – a motorsport platform – which plans to investigate and develop NFTs applied to it.
NFT art ranging from sneakers to memes was late in the focus, and a piece by Beeple – ‘The First 5000 Days’ – commanded price tags of millions of dollars.
Tesla Ing (NASDAQ: TSLA) CEO Elon Musk also jumped on the bandwagon and offered an NFT song – on NFTs – for sale, which offered artist Beeple to buy for $ 69 million, but later changed his mind .
Price action: Takung 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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