Why NFT Play Takung Art Skyrocketed 24% Tuesday

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Takung Art Co Ltd (NYSE:TKAT) soared almost 24% in the regular session on Tuesday.

What Happened: The shares of the Hong Kong-based company moved higher after it disclosed a “definitive agreement” with British Virgin Islands-based Cultural Objects Provenance Holdings Limited in a U.S. Securities and Exchange Commission filing.

Cultural Objects has a subsidiary engaged in the operation of a non-fungible token or NFT platform related to collectibles, as per the filing.

 The two firms have entered into a securities purchase agreement pursuant to which Takung shall invest in Cultural Objects through paying a purchase price that consists of $500,000 in cash and issuance of 282,000 restricted shares of common stock of Takung in exchange for 54,100 common shares of Cultural Objects.

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The conditions in the agreement stipulate that Cultural Objects complete to the satisfaction of Takung — an NFT platform for primary market sales, and launch a physical exhibition/ show with sales of collectibles using Cultural Objects’ authentication technology.

See Also: Dogecoin Co-Founder’s ‘Capped Doge’ NFT Goes For $70,000, ‘Dogecoin Alpha,’ Others Find Takers Too

Takung Art shares closed 23.98% in the regular session at $21.25 on Tuesday and gained another 0.85% in the after-hours session.

Why It Matters: Takung Art shares have soared 1335.8% this year. The online art trading platform’s shares spiked earlier in March amid the frenzy surrounding NFTs.

Some NFT artworks have recorded sky-high valuations with Beeple selling a piece in March for $69 million.

In the same month, token sneakers sold for $3.1 million and so did the “Grumpy Cat” internet meme which fetched more than $80,000.

Read Next: Why Ethereum Co-Founder Sees More Potential In NFT Than Just A ‘Casino’ For Wealthy Celebs

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