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- On Tuesday, shares of Takung Art Co Ltd (NYSE: TKAT+26.82 percent) finished 28 percent higher at $7.04
- In after-hours trading, shares of the private online art trading platform increased 2.84 percent to $7.24
- Takung shares rose in value amid high volume, with roughly 79.80 million shares traded
On Wednesday, shares of Takung Art Co Ltd (NYSE: TKAT +26.82 percent + Free Alerts ) soared 277 percent. The stock, which rose another 36% to $30.90 on Thursday morning, appears to have become a new darling among individual investors. The emergence of the Hong Kong-based online art trade platform was fueled by growing social media buzz surrounding non-fungible tokens. NFTs are a type of digital ownership certificate.
Takung Art Stock Is A Speculative NFT Play With Flaws
A platform for online art trading The non-fungible token (NFT) excitement and hysteria has propelled a stratospheric surge in Takung Art Co (NYSE: TKAT) stock. The Company’s art listings are traded in parts on its platform under a shared-ownership model. As increasing interest in NFTs became more widespread in March 2021, the stock gained traction. The stock reached a high of $74.11 on March 23, 2021, with over 27 million shares traded.
Takung Art is a company that offers and trades artwork via an online electronic platform. Takung’s platform gives artists, art dealers, and art owners access to a much larger art trading market where they may connect with a diverse group of investors.
Takung’s platform also invests in high-end artwork that is accessible to people with limited financial resources. The trade platforms of the company include the selling of calligraphies and paintings, as well as jewelry and precious stones.
Why Are Takung Art Stocks Surging Today?
Takung’s stock has been swinging dramatically as investors speculate on whether the company will enter the non fungible token (NFT) market. NFTs are digital files like paintings, films, and audio that is saved on the blockchain, the digital ledger technology that underpins cryptocurrencies. Some NFTs have already sold for millions of dollars, prompting some companies to start issuing them and many people to feel the asset class has enormous potential, similar to how cryptocurrencies did in their early days.
Takung is not currently in the NFT area, but many feel it will be soon because it operates an online platform that allows artists, art dealers, and investors to trade and invest in artwork. This appears to be a great place for delivering digital art, which is a significant NFT category.
The current share price of Takung Art
The current share price of Takung Art Co Ltd is USD 7.04+1.54 (+28.00%)
At close: 4:00PM EDT. Its market cap is 82.138M. Its 52-week range is USD 0.78- USD 74.11. Its volume is79,796,496 shares.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
