Shares of the online platform Takung Art (NYSEMKT: TKAT) traded more than 31% higher as of 11:10 a.m. EDT this morning for no apparent reason.
Shares of Takung continue to swing wildly as investors speculate whether the company will jump into the nonfungible token (NFT) space.
NFTs are digital files such as art, videos, and audio stored on blockchain , which is the digital ledger technology that powers cryptocurrencies. Some NFTs have already sold for millions of dollars, pushing some companies to begin offering NFTs, and many to believe the asset class has huge potential, not unlike the earlier days of cryptocurrencies.
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Why Shares of Takung Art Are Surging Today