A detail shot from a collage "EVERYDAYS: THE FIRST 5000 DAYS", by a digital artist BEEPLE, that is on auction at Christie's, unknown location, in this undated handout obtained by Reuters. Christie's Images LTD. 2021/BEEPLE/Handout via REUTERS
Shares of Sino-Global Shipping America (NASDAQ:SINO) soared over 30% in NASDAQ premarket trading today after the company announced it will launch a new exchange for NFTs (non-fungible tokens) in collaboration with e-commerce public chain CyberMiles.
According to the company, the new NFT exchange will serve as a highly-secure, robust platform for collectors, artists, musicians and investors to create, sell and buy one of a kind, digital content represented as NFTs. The companies expect to officially launch their new NFT platform in July 2021, providing a critical link between the virtual blockchain world and the physical world.
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Mr. Lei Cao, Chief Executive Officer of Sino-Global, commented, “NFT is driving the next wave of cryptocurrency adoption, making it a natural extension of Sino-Global’s ongoing diversification and recent investments in the rapidly growing cryptocurrency market. NFT has become one of the most important basic application technologies in the process of social information digitization by enabling the monetization of digital products. We believe NFT and the blockchain that provides the basic technology for it will have a profound and irreversible impact on the transformation from the form of artwork circulation and the transformation of value concepts to the social identity, collaboration and distribution system.”
Mr. Cao continued, “We will continue to strategically invest in growth opportunities that will drive our success over the coming years, as markets, commerce and currencies evolve to meet consumer demands, while working to further accelerate our growth through cooperations with proven partners, like CyberMiles.”
NFT is a global asset system fundamentally built on blockchain technology, ensuring ownership of digital products, scarcity, and creative value. The first version of the protocol ERC721 dates back to September 2017 and it became the first used in blockchain game scenarios. NFT’s have recently attracted global attention when an investor spent $69 million on a digital piece of art by the NFT artist Beeple.
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