Oriental Culture Holding Ltd (NASDAQ: OCG) has increased dramatically in the last 24 hours. The reason behind this rally does not have any direct news from the company which is why it appears to be pure speculation from investors.
Non-fungible tokens (NFTs) have been dominating the media headlines for over two weeks now. However, many advanced investors do not even know what NFTs are.
The popularity of digital assets is exploding with NFT artworks selling for millions of dollars. Even though NFTs are surging now, they have been traded since 2017.
Oriental Culture is a Chinese-based company founded in 2018 that went public on the Nasdaq Stock Exchange in mid-December with an IPO valuation of $20.6 million. Oriental used the funds from its IPO to improve its IT infrastructure and its global expansion plans.
The company offers through its subsidiaries online collectibles and artwork e-commerce services, which allow collectors, artists, art dealers and owners to access a much bigger art trading market where they can engage with a wide range of investors. This platform allows creators to target a bigger audience of investors willing to buy these collectibles without the need of renting galleries or arranging auctions. Moreover, they are able to hold a bigger portion of the profits since they do not have to pay the expenses of a physical place or event.
Oriental Culture also offers an online and offline integrated marketing, storage and technical maintenance service to their customers in China. Customers on the website get art investment education, introduction to opening an account, research, real-time customer support and artwork warehousing services.
Even though the company employs 50 people and has managed to reach 900,000 users in the last year. Investors seem to become more interesting especially after the last headlines carrying NFTs. They are currently betting on the ability of online art purveyors to pivot to the blockchain. Today, this appears to be pure speculation. However, interest appears to remain high with these small-cap stocks.
The stock price was trading at $6 before the NFT craze yesterday and had reached its lower low of $2.80 earlier this month. On the closing bell, the stock price closed at $10.60.
Takung Art Co Ltd (NYSE: TKAT) is a Hong Kong based company founded in 2009. This stock was also trending yesterday due to speculation that it could be a play on the non-fungible token space. The company has created a marketplace for shared ownership in fine art in Asia. This allows investors to go in on art deals together and it is one of the main reasons that fine art prices are higher and made partial owner rich.
The stock closed at $22.60 giving it a total increase of 277%. However, in the premarket trading, it has already corrected 20%.
Integrated Media Technology (NASDAQ: IMTE) surged also due to speculation with no apparent reason. The stock price closed at $8.40 giving it an 80% rise and has also corrected in the premarket trading 20%. The technology investment, product development and distribution company established in 2008 and has its headquarters in Hong Kong and offices in Australia and China. Its main focus is the commercialization of visual technology of glass-free 3D displays.
Three days ago, one of our Union’s members shared in our Discord group a list of NFT stocks and guess what happened? Yesterday all NFTs stocks from that list were at least 5% up, including the ones mentioned above and more. We formed the Trader’s Union to accomplish a knowledgeable and educational platform that shares valuable information and creates a trusted community that takes on the hottest trades before they happen. This is just one proof of many.
We have now opened a new section called the “Crypto Task Force” that is on a mission to identify the next ALICE 40,000%+ token.
Disclaimer – I/we have no position in any stock mentioned. I wrote this article myself, and it expresses my personal opinions. I am not receiving any compensation for it, other than FDGT Academy. I do not have or had in the past any business relationship with any company that is mentioned in the above article.
I am a stock analyst/investor with prior experience and knowledge to BSc Accounting and Finance. After completing my degree and exposure to the accounting firms I decided that the direction I should choose is towards the Investment world. I completed my masters in Investment Management where it gave me solid fundamentals to build my career on. I have examined a lot of different aspects of investment, from REITS, derivatives, currencies, bonds, equity and hedge funds. I never stopped learning about the market which is why I can analyze and write articles for FDGT community always personally opinionated. My passion are green energy and electric vehicles stocks as a whole. I also had my share of analyzing the work form home stocks that are coming to take over in the upcoming years.
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