Shares in companies linked to non-fungible tokens soar

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Shares in some companies linked to non-fungible tokens (NFT) - a type of digital asset that is authenticated by blockchain - spiked higher on Monday, benefiting from their status as the latest hot trend on social media.

Shares in companies with an online art presence such as Takung Art and Oriental Culture extended gains soon after news that Twitter boss Jack Dorsey sold his first tweet - “just setting up my twttr” dated March 21, 2006 - as an NFT for just over $2.9 million on Monday.

“It all ends in tears probably, but right now there’s a fear of missing out ,” said Dick. “You have a combination of retail and momentum traders driving prices.” Oriental Culture, an online provider of collectibles and artwork, was last up 24.1%, with trading volume surpassing the 10-day moving average. Its shares had gyrated on Thursday last week, with companies in industries as diverse as shipping and pipe production making NFT announcements.

 

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