Shares of the Chinese online art platform Takung Art (NYSEMKT: TKAT) were 12% lower as of 12:50 p.m. EDT on Wednesday after skyrocketing 23% yesterday.
Shares of Takung have been incredibly volatile this year, but overall are up more than 1,300% year to date. The main driver of the stock has been speculation by investors that Takung might jump into non-fungible tokens (NFTs), which are digital files such as art, video, and audio stored on blockchain , the digital ledger that powers many cryptocurrencies. Some NFTs have sold for tens of millions of dollars.
Takung, which runs an online platform that allows artists, art dealers, and investors to exchange and invest in artwork, has seemed like an ideal platform to sell NFTs, and it looks like it may finally be taking the plunge.
For further details see:
Why Takung Art Shares Are Falling Today