The shares of several Chinese companies are rising again on speculation that they could jump into the non-fungible token (NFT) space.
Chinese fintech Jiayin Group(NASDAQ: JFIN) saw its share price increase by over 77% today. Shares rose about 226% in just five days. Actions of the online art platform Takung Art Co.(NYSEMKT: TKAT) have climbed over 65% today and have jumped about 590% in the past five days.
Actions of the Chinese classical music platform Kuke Music Holding (NYSE: KUKE) soared more than 11% today, while shares of art e-commerce company Oriental culture outfit(NASDAQ: OCG) increased by more than 24%.
The shares of all of these companies appear to be rising once again due to news or speculation regarding NFTs. NFTs are digital files such as art, video, and audio stored on the blockchain, which is the digital ledger technology that powers cryptocurrencies like Bitcoin (CRYPTO: BTC). Some NFTs have already sold for millions of dollars.
None of these companies are involved in the NFT space, but investors are betting their current business models could allow them to make the transition easily.
For example, Takung runs an online platform that allows artists, art dealers and investors to trade and invest in works of art, so you can see how this business could easily do the job. jump if she wanted to. Recently, a digital artwork sold for $ 69 million.
“Buying companies offering NFTs would be like buying companies that have some sort of bitcoin connection at the start,” Kim Forrest, chief investment officer at Bokeh Capital Partners, recently told Reuters.
Forrest added that she believes the surge is being led by people who feel they missed out on a huge opportunity by not buying cryptocurrencies like Bitcoin a few years ago.
Again, there is no confirmed news that any of these companies are actually jumping into the NFT space. Right now, the rise of all of these stocks is fueled by speculation on social media.
NFTs are also fairly new and will likely be very volatile in the future. I agree that the NFT climate resembles that of cryptocurrencies a few years ago. But cryptocurrencies have traded with a lot of volatility over the past few years and continue to do so. There is also no guarantee that NFTs will follow the same course as cryptocurrencies.
Keep in mind that some NFTs are meant to mimic tangible assets like trading cards for sports, a market that has been skyrocketing for years. I would continue to advise extreme caution when investing in NFTs at this time.
This article represents the opinion of the writer, who may disagree with the official recommendation position of a premium Motley Fool consulting service. Were motley! Challenging an investment thesis – even one of our own – helps us all to think critically about investing and make decisions that help us become smarter, happier, and richer.
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