The9 Ltd. (NCTY) stock prices were up by 4.46% as of the market closing on August 27th, 2021. This brought the price per share up to USD$14.99 at the end of the trading day. Subsequent premarket fluctuations saw the stock rise by 8.67%, bringing it up to USD$15.29.
NCTY Stock Announces NFTSTART Platform
August 29th, 2021 saw NCTY stock announce having formally entered the Non-Fungible Token (NFT) marketspace. The company’s wholly-owned subsidiary, NFTSTAR Singapore, will launch an NFT trading and community platform NFTSTAR. The platform is forecasted to be officially launched in the fourth quarter of fiscal 2021, with a user pre-registration incentive program now underway.
Appointment of new COO
The company concurrently announced the appointment of Mr. Palrecha as NFTSTAR’s Chief Operations Officer (COO). Mr. Palrecha brings his extensive experience and resources to the table in the operation of the NFT platform, as evidenced by the success of NBA Top Shot, which was developed and operated by Dapper Labs, in the NFT market. His collaboration with NCTY stock’s management team will facilitate the formulation of both short-term and long-term product and operation strategies. Mr. Palrecha will be charged with business development and the fostering of partnerships with celebrities and strategic partners. He will also be responsible for business operations and the establishment of an operation team in North America.
About NFTStar
NFTSTAR is an NFT trading and community platform that facilitates the provision of purchase, trade, and interactive activities to users. It will feature NFT collections created by global stars licensed IPs, with users able to buy different tiers of blind boxes and own stars’ limited NFT collections. Upon purchase, users will obtain the ownership of unique NFT collectibles, each of which has a unique record on the blockchain. NFTs can be purchased on the platform or traded on NFTSTAR’s marketplace.
Scope of NCTY Stock’s Platform
The initial launch will see global sports stars being the main partners, but NFTSTART Community is expected to grow to feature stars from various fields. This includes celebrities from fields including, but not limited to, sports, entertainment, art, and other industries. NCTY stock expects to shortly announce NFTSTAR’s sports stars lineup one by one.
Future Outlook of NCTY Stock
NCTY stock prices continue their upward trend on the success of the initial launch of the NFTSTAR platform. The company is poised to capitalize on the opportunities afforded to it from its foray into the NFT marketspace. Investors are hopeful that management will continue to effectively leverage their resources. This is hoped to facilitate organic growth over the long term.
