Takung Arts Co Ltd (NYSE: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 (OTC: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 (NASDAQ: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)?
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