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Source: solarseven, Shutterstock
Stocks of Takung Art Co. Ltd. (TKAT:US or NYSE: TKAT) soared over 277 per cent on Wednesday, March 17, amid the ongoing Non-Fungible Token (NFT) frenzy.
The Hong Kong-based company operates through digital platform to offer and trade artwork that has developed a marketplace for fine art companies in Asia. The art retail firm concentrates on glass free 3D display technology, which is being publicized on social media platforms including StockTwits, an online community of traders, investors, and entrepreneurs.
NFT collectors are looking to invest in its advanced digital calligraphies and paintings offerings. The company operates mainly in Hong Kong and China and generates income through its artwork trading commission and listing fees.
Let us deep dive into this NFT stock’s performance:
Takung Art Co. Ltd. (TKAT:US or NYSE: TKAT)
The stock closed at US$ 22.60 per piece with a market cap of US$ 254.73 million. Its one-day trade volume was 68 million against its 11.27 million listed shares on the New York Stock Exchange.
The scrips have skyrocketed over 848 per cent in the past one week.
The art stock has swelled more than 1386 per cent this year, propelled by social media-based investors’ bullish sentiment. It is up over 1592.31 per cent in the last one year, outpacing the S&P Communication Services Sector that has delivered 1139.86 per cent relative growth in the same period.
The small-cap stock recorded its 52-week high of US$ 24.90 per common share yesterday. It is now up 2575 per cent compared with its 52-week low of US$ 0.8224 per share recorded on September 29, 2020.
Takung Art's One-Year Stock Performance Chart. (Source: Refinitiv)
The sudden NFT investors’ interest may lead to an uptick in this fine art stocks’ price movement. However, stock is likely to be volatile, a characteristic associated with cryptocurrencies and digital tokens.
The art brokerage firm largely allows trades on digital art deals. It also has a capacity to hold multiple bids on various digital paintings simultaneously.
Takung-listed artwork pieces gain massive bidding prices that helps fine art owners to accrue wealth.
