Why Takung Art Shares Skyrocketed 277% Today

Takung Arts Co Ltd TKAT share skyrocketed 277% in the regular session on Wednesday.

What Happened: The Hong Kong-based online art trading platform rose prompted by increased attention from social media amid frenzy surrounding non-fungible tokens. NFTs are akin to a digital certificate of ownership. 

Takung provides collectors a way to jointly own Asian and other fine arts including paintings, calligraphies, jewelry, and precious gems, according to its website. 

See also: How to Invest in Artwork

Why It Matters: The hype in NFT has extended to stocks of other companies including ESE Entertainment Inc ENTEF — a motorsports platform — which plans to research and develop NFTs applied to it. 

NFT art ranging from sneakers to memes have been in the focus of late and a piece from Beeple — “The First 5000 Days” — commanded price tags of millions of dollars.

Tesla Inc TSLA CEO Elon Musk also jumped on the bandwagon and put an NFT song — on NFTs — for sale, which the artist Beeple offered to purchase 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.

See also: What is a Non-Fungible Token (NFT)?