Integrated Media Technology Ltd. (IMTE) stock fell under corrections after gaining big on its NFT Trading Platform launch. On December 30, the company announced the launching of its NFT Trading Platform. Consequently, the stock gained 12.20% at $5.06 in Thursday’s regular session.
Following the big gain, the stock took a hit from corrections and fell down to $4.70 in the after hours.
IMTE and its Movements
With NFTs being the new big this year, investors flocked towards the stock on the news of the NFT Trading platform launch. Hence, the stock traded at 40.12 million shares which were 5,818% of its average volume. Following the news, the stock reached a high of $7.58 on December 30. Moreover, IMTE stock was able to reach such a high after over nine months. Given the huge gain, the stock was bound to fall under corrections sooner or later. Consequently, the stock saw a decline in the after-hours session on Thursday.
In the past five days, the stock has increased by 17.95% and 3.27% last month. Moreover, IMTE stock has added a value of 29.74% year to date.
NFT Trading Platform
As per the announcement, IMTE signed an Assignment and Assumption Agreement for taking over the rights and obligation on a Cooperation Agreement on developing a Blockchain business. Moreover, the focus of this will be on NFT (Non-Fungible Token) trading market. Furthermore, the company will be paying a deferred payment based on the future earning of Ace Corporation Limited. In addition, if within the next five years, Ace is listed on a recognized exchange, IMTE will also pay a bonus payment.
Furthermore, the trading platform will be called “Ouction”. As per the agreement, for the development and operation of the trading platform, IMTE might invest up to $1 million for 60% equity interests in Ace. Moreover, 40% of the equity interest in Ace will go to the development, marketing, and operating team.
More about Ouction Platform
Designed with dynamic image cryptographic verification technology, the Ouction platform would be an interactive experiencing solution. Further, the technology will serve as a bridge for Online to Offline (O2O) transactions. Hence, the platform will provide encryption and blockchain notarized digital certificates along with verification of virtual asset transactions. The certificates of physical assets would come at a fairer and reliable platform trading experience.
In addition, Mr. Eric Zhang and his team will be responsible for the development of the core technology of the platform.
