The NFT revolution could be regaining some life, with recent rallies in key related stocks and several major stories hitting the newswires over recent days, including Damien Hirst’s move to literally burn a bunch of his legendary work to enter the space. (1)
An NFT, or non-fungible token, is simply anything unique that can be connected to some representation of digital ownership. (2)
This is an extremely beaten down group in the market, so a new injection of life could send these stocks into a major squeeze.
With that in mind, we take a look at some of the most interesting stories in the space below.
Takung Art Co. Ltd. (NYSE American:TKAT) operates international online trading platform that provides state-of-the-art and convenient services for various types of artworks.
The firm provides a way for art collectors and investors to acquire shared ownership in Asian and other fine art – including paintings, calligraphies, jewellery and precious gems.
Takung Art Co. Ltd. (NYSE American:TKAT) recently provided an update of its newly launched NFT trading platform at www.nftoeo.com. Since its launch, there have been more than 60 products listed on the platform and more than 107 new registered users, having generated approximately 40 transactions.
Co-CEO Kuangtao Wang commented, “we have been working hard to implement the blockchain NFT business since July 2021. The launch of our own NFT platform and completion of transactions on the platform solidified our business strategy. We will further promote our platform in order to further stimulate the sustainable growth of our business.” (3)
If you’re long this stock, then you’re liking how the stock has responded to the announcement. TKAT shares have been moving higher over the past week overall, pushing about 8% to the upside on above average trading volume. (4)
Takung Art Co. Ltd. (NYSE American:TKAT) had no reported sales in its last quarterly financial data. In addition, the company is battling some balance sheet hurdles, with cash levels struggling to keep up with current liabilities ($3.6M against $11.4M, respectively). (5)
CYIOS Corp. (OTC US:CYIO) is a blockchain-focused holding company with operations in Crypto-lending and trading, Web3 and NFT.
The company recently put out an interesting release highlighting its recently announced partnership with SLH, LTD Ltd. (HK) (“SLH”) Via CYIO wholly owned subsidiary Immortals Group Pty (“Immortals”) https://www.immortalsgroup.io, in light of significant market opportunities that have transpired for Immortals and the IP partnership with SLH, which are expected to be announced soon, including an NFT play to earn game.
CYIOS Corp. (OTC US:CYIO) also noted that it is working on a partnership project via Randomly randombly.com, 100% Cyios owned, with an established NFT play-to-earn gaming platform for the development of NFT gaming.
The Company recently posted a Chairman’s video update that provides a comprehensive review of the Company’s subsidiary business’ and current projects: Chairmans Update. The update includes highlights from the recently announced SLH partnership. This agreement includes rights for Immortals to produce, market, and sell Superhero NFT collectibles based on the inaugural franchise launch of Slam-Girl (slamgirl.io), a never before released Superhero character franchise created in 2000 by legendary Stan Lee and Marvel animation legend Will Meugniot (known for his work on; The Incredible Hulk, X-Men, G.I. Joe).
As noted in the release, a recent industry report by Market Decipher estimates collectibles market size at $402 billion in 2021 (actual value) and forecasting to reach $1 Trillion by 2032. Fastest growing sectors include Digital Art, Sports NFT, Trading Card. Collectibles evolve as a high ROI sector for investors. As more corporate sponsors and Fortune 1000 companies enter the Web3 and NFT world, many people speculate that 2022 will be the year that NFTs will go mainstream. Immortal’s Group sees tremendous market opportunity in partnership SLH and its new global NFT marketing firm, soon to be announced, for launching the Slam-Girl NFT cyberspace collection.
CYIOS Corp. (OTC US:CYIO) Chairman, Mr. John O’Shea, commented, “We are pleased to be working alongside some of the most noteworthy, iconic names in the world of superhero entertainment under the agreement with SLH. This includes our working with Mr. Shirrel Rhoades, Director of SLH Ltd. SLH is the owner of a historic library of never-before-released Stan Lee creations – superheroes, super villains, webisodes, and other digital entertainment produced for the dawn of the Internet Age (1999 – 2001).” (6)
Dolphin Entertainment Inc. (Nasdaq:DLPN) engages in the provision of entertainment marketing and content development. It operates through the following segments: Entertainment Publicity and Marketing, and Content Production.
The Entertainment Publicity and Marketing segment consists of 42West, The Door, Viewpoint, and Shore Fire Media. The Content Production segment consists of Dolphin Entertainment and Dolphin Films.
Dolphin Entertainment Inc. (Nasdaq:DLPN) recently announced that the Midnight Theatre, the anticipated new, variety theater in midtown Manhattan in which the company has an ownership stake, christened the venue last night with its first of many private events prior to its official opening this fall.
According to the release, the event was a film screening of Brooklyn Nets superstar and 35V and Boardroom co-founder Kevin Durant’s documentary NYC Point Gods. NYC Point Gods profiles the highly influential 80s and 90s NYC hoops legends that emerged out of New York City, highlighting some of the most famous point guards in New York City history, including Rafer Alston, Kenny Anderson, Mark Jackson, Stephon Marbury, God Shammgod, Kenny Smith, Rod Strickland and Dwayne “Pearl” Washington. (7)
Even in light of this news, DLPN hasn’t really done much of anything over the past week, with shares logging no net movement over that period. (8)
Dolphin Entertainment Inc. (Nasdaq:DLPN) managed to rope in revenues totaling $9.2M in overall sales during the company’s most recently reported quarterly financial data — a figure that represents a rate of top line growth of 27.9%, as compared to year-ago data in comparable terms. In addition, the company is battling some balance sheet hurdles, with cash levels struggling to keep up with current liabilities ($10.2M against $16.1M, respectively). (9)
Other key names in the NFT space include PLBY Group Inc. (Nasdaq:PLBY), ZK International Group Co. Ltd. (Nasdaq:ZKIN), and Integrated Media Technology Ltd. (Nasdaq:IMTE).