|Bid||4.8900 x 900|
|Ask||5.1000 x 800|
|Day's Range||4.9100 - 5.5900|
|52 Week Range||0.8230 - 14.6000|
|Beta (5Y Monthly)||1.95|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
The Chinese steelmaker is venturing in a new direction, and it has gotten investors into a giddy mood.
ZK International (NASDAQ:ZKIN) stock has been heading higher this week after the company announced plans to launch an NFT exchange. Source: Shutterstock The NFT marketplace will be run by xSigma Corporation, a subsidiary of ZK International created late last year to explore blockchain technology. This marketplace will allow users to buy and sell NFTs. On top of that, it will also let them create their own NFTs to sell. ZK International notes that the project is will support multiple types of cryptocurrencies for NFTs. That includes Ethereum (CCC:ETH-USD) and Polkadot (CCC:DOT-USD). ZKIN says that the launch of the platform will enter it into an expected $1.3 billion marketplace.InvestorPlace - Stock Market News, Stock Advice & Trading Tips 7 Retail Stocks That Are Far Too Close to Failing Jiancong Huang, the co-founder and CEO of ZK International, had this to say about the news sending ZKIN stock higher on Friday. “We have invested into xSigma to create value by developing various projects from the R&D lab and we are extremely pleased in our top tier team who continue to exceed our expectations and we believe that they have come up with another new great product for the NFT community, which is scheduled to be launched in the third quarter of 2021.” ZKIN stock is seeing heavy trading today as investors continue to take interest in its NFT exchange plans. That’s has more than 21 million shares of its stock changing hands as of this writing. To put that in perspective, its daily average trading volume is roughly 2 million shares. Non-Fungible Tokens (NFTs) are a form of cryptocurrency that artists are using to sell their works online. It works by creating a unique token for the art and then selling those tokens to collectors. That token can represent a digital art piece or one within the real world. ZKIN stock has been moving all week since announcing the NFT news on Monday. Shares are up 61.8% since then and are up 37.1% today in early morning trading. ZK International isn’t the only company trying to get in on the NFT boom that’s taking place online. Takung Art (NYSEMKT:TKAT) and Sino-Global (NASDAQ:SINO) are also entering the space in search of profits. More on NFTs NFT Stocks: Reddit Chatter Lifts TKAT, OCG, YVR and IMTE Stocks 3 Industries That Will Benefit From NFTs Moving Forward What are NFTs? An Investor’s Guide to Investing in Non-Fungible Tokens On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. More From InvestorPlace Why Everyone Is Investing in 5G All WRONG It doesn’t matter if you have $500 in savings or $5 million. Do this now. Top Stock Picker Reveals His Next Potential 500% Winner Stock Prodigy Who Found NIO at $2… Says Buy THIS Now The post ZKIN Stock: New NFT Project Sends ZK International Shares Soaring appeared first on InvestorPlace.
One of the hottest stories of 2021 has been the rise of NFTs. Also known as non-fungible-tokens, NFTs are the latest growth area of the cryptocurrency market. One publicly traded company announced a new platform for NFTs to push its cryptocurrency growth objective. What Happened: XSigma, a wholly-owned subsidiary of ZK International Group Co. Ltd (NASDAQ: ZKIN), announced plans to launch a NFT platform. The platform will use the Ethereum and Polkadot blockchains. The NFT platform from xSigma will allow users to buy and sell NFTs and also the ability to create their own custom NFTs in a few clicks, according to the company. XSigma lists the NFT market size as $1.3 billion in 2021. The platform is expected to launch in the third quarter of 2021. See also: What is a Non-Fungible Token (NFT)? “We are pleased to announce that we are moving quickly into the next boom of monetizing of digital assets of the innovative industry known as non-fungible tokens,” xSigma Chairman Jiancong Huang said. XSigma plans to attract various artists and talents in exclusive deals for the NFT platform. This move would be similar to the company’s partnership with NBA Champion Dwight Howard, who is endorsing the DeFi project from the company. Howard serves as a partner on the DeFi project and will help advertise for xSigma. The company said at the time the deal with Howard was the first project of its kind for global sports influencers. Related Link: Where Do You See NFTs At In 10 Years? Why It’s Important: The NFT platform is the fourth project in xSigma’s ecosystem of blockchain products to be launched in 2021, including a DeFi project in February that reached $100 million in total value locked in the first week. XSigma shared plans last week to launch a second stablecoin in April, a gas cashback program in April 2021 and build an exchange for its users. Back in February, xSigma acquired a proprietary crypto trading platform that it will brand as xSigma trading. The platform will offer crypto trading, crypto lending and crypto options. The platform is expected to launch in the second quarter of 2021, according to the company. The xSgima trading platform will not serve U.S. customers as it does not hold a license in the country. ZK International launched the xSigma segment in 2018 after years of being an engineering and manufacturing company for stainless steel and carbon steel pipe products for the water and gas pipeline systems. XSigma's team includes former engineers from Facebook, Inc. (NASDAQ: FB), Alphabet Inc's (NASDAQ: GOOG)/(NASDAQ: GOOGL) Google, Ripple and Amazon.com (NASDAQ: AMZN). ZKIN Price Action: Shares of ZK International are up 20% to $7.65 on Monday. Disclosure: Author is long shares ZKIN. Related Link: Get daily trading ideas from Benzinga's Power Hour on YouTube. (Photo by Tianyi Ma on Unsplash) See more from BenzingaClick here for options trades from BenzingaIPO Preview: Sun Country Airlines, Olo, Tuya Lead Busy WeekStripe Now Valued At B: Could SPAC Deal Or IPO Be Years Away?© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.