Why is Future FinTech Group Inc. (FTFT) stock climbing today?

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Future FinTech Group Inc. (FTFT) stock was climbing in the premarket following the announcement of a strategic letter of intent to develop a metaverse platform. FTFT stock price saw a push of 5.09% to reach $1.65 a share at the time of this writing. The stock was gloomy in the previous trade and went down by 1.26% at closing. Let’s dig in to explore more of it.

What’s Happening?

Future Fintech is going to establish a metaverse research and operations platform. For this purpose, FTFT stock has recently signed a letter of intent with Faya Digital Technology Co., Ltd. The metaverse will comprise different elements of the technology. These elements include virtual reality, social media, and online gaming. The future is all about the interaction of humans with a digital universe where humans will experience various digital phenomena.

FTFT stock along with Faya Digital is planning to incorporate the joint venture Future Metaverse (Chengdu) Co., Ltd. In order to run the platform, both companies will cooperate to develop a new underlying technology engine, HyperVerse Version 1.0. The initial milestone of both companies is to develop 18 non-fungible tokens (“NFT”) avatar products along with three blockchain games. FTFT stock will develop the market of the HyperVerse Version 1.0 by leveraging Faya Digital’s resources.

Previous News of FTFT stock:

In the previous week, FTFT stock did announce the beta testing phase for its mobile financial app. The customers of this app will be able to engage in a comprehensive suite of e-wallet activities. The company announced this development in the opening ceremony of the new office by one of its subsidiaries on November 19, 2021.

FTFT stock to build Cryptocurrency Mining Farm:

In order to remain competitive in the industry, FTFT stock is planning to build a cryptocurrency mining farm in Paraguay. Paraguay’s Minister of Social Development and the Mayor of the City of Coronel Oviedo sent official invitations to the company and discussed various matters of the business development plan. Paraguay’s former Deputy Minister of the National Energy Department, Mr. Emilio Buongermini will assist the FTFT stock to determine the cryptocurrency mining business opportunities in Paraguay.

Wrap Up:

Future Fintech stock has captivated the attention of investors after the announcement of a letter of intent with Faya Digital. The management is striving hard to meet the latest industry as well as technology trends.

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