Sino-Global's Stock Jumps On NFT Exchange Launch

Non-fungible tokens, better known as NFTs, continue to be one of the hot stories of 2021. Investors are seeking to find companies that have exposure to the newer trend and are sending shares higher.

What Happened: Shipping and logistics company Sino-Global Shipping America SINO announced it will launch a new exchange for NFTs in a collaboration with e-commerce public chain CyberMiles.

The new exchange will be a “highly-secure, robust platform for collectors, artists, musicians and investors to create, sell and buy” digital content like NFTs, according to the company.

“NFT is driving the next wave of cryptocurrency adoption, making it a natural extension of Sino-Global’s ongoing diversification and recent investments in the rapidly growing cryptocurrency market,” said Sino-Global CEO Lei Cao.

Related Link: 4 NFT Stocks Moving On The Blockchain-Based Investment Trend

Why It’s Important: CyberMiles was the first blockchain to propose a high-performance commercial solution for the Ethereum public chain DPOS consensus, according to the press release.

CyberMiles has been used for reference by blockchains initiated by companies that include Binance and Huobi. The public chain was the first to be used in the NFT-ization and auction of artists’ works.

“We believe NFT and the blockchain that provides the basic technology for it will have a profound and irreversible impact on the transformation from the form of artwork circulation,” Cao said.

Sino-Global said it was strategically investing in growth opportunities to drive success in future years.

SINO Price Action: Shares of Sino Global are up 14.3% to $9.80 at publication time.