Takung Art Inc. (TKAT) stock is rising by 16.77% in afterhours. Why is it so?

Takung Art Inc. (NASDAQ: TKAT) stock jumped high by 33.01% during the last trading close while the stock rises by 16.77% in after-hours after the news came out regarding NFTs which are digital files saved on blockchain like art, video audio, and many such files. NFT is a digital ledger technology that strengthens cryptocurrencies like Bitcoin. Takung Art encourages China’s Middle to invest in fine arts and collectibles through its three major platforms which are Takung Unit, Unit+, and Takung Online. All three platforms serve different significant purposes.


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What is happening?

TKAT stock price had risen for about 23% as per the latest record whereas it has shown a rise of 600% in the last five days. TKAT is the only art company that is directly involved with NFTs and quite recently it has been recorded that some of the NFTs were already sold for millions of dollars. TKAT stock price has shown some promising outcomes, the Takung Art stock price jumped from less than $4 per share to more than $27 per share today. This happened just at the same time a digital piece of art was sold at nearly $70 million in the last week.

What is the hype about NFTs?

The publicity and potential around NFT is always high, and it’s strangely close to when cryptocurrencies that are also focused on blockchain, first gained acceptance many years ago. Among art-related companies, TKAT is the only one working in the NFT space. The boost that NFT (non-fungible tokens) has gotten is spreading to equities and the investors are showing their interest in the online art trading platforms and companies that are making promising NFT- related announcements. NFT, a digital asset is authenticated by blockchain.

Conclusion

The enormous interest around NFTs has hyped up during the time of pandemic because people were spending a good reasonable proportion of money on artworks and anything that was available online, with some selling their stuff for literally tens of millions of dollars. During this time TKAT has definitely created a good market especially because of its connection with NFT. Investors are definitely interested in buying TKAT stock during this time.

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