June 26, 2022

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NFT Information Despatched This Inventory Exploding Nowadays

What transpired

Shares of Chinese reside-streaming system operator Scienjoy Holding Corp. (NASDAQ:SJ) have been investing more than 55{ef1bfe4afb8c637c3d9b733b168b5a276a6c840b9e3c68899db88d855f264c06} higher as of 11:55 a.m. EDT Tuesday after the firm announced a new strategic alliance with Snipp Interactive (OTC:SNIP.F).

So what

Scienjoy is partnering with Snipp, which can help its corporate purchasers run their loyalty and benefits systems, to produce two important initiatives. The first will be a new rewards method that will empower Scienjoy broadcasters and end users to earn additional points on its platform, which they can then exchange for electronic awards.

Scienjoy and Snipp will also examine techniques to allow for Scienjoy users to develop their have non-fungible tokens (NFTs), which are electronic files these types of as art, video clip, and audio, stored on a blockchain — the similar digital ledger technologies that underpins cryptocurrencies. 

Picture supply: Getty Images.

The total purpose is to permit Scienjoy end users to use the details they acquire by way of the new rewards method to order NFTs produced from snippets of their most loved broadcasters’ dwell-streams.

“With about 250 million customers and 300,000 broadcasters across our ecosystem, we are well-positioned to assistance our partners increase their outreach efficacy,” Victor He, chairman and CEO of Scienjoy, claimed in a statement. 

Now what

The steep gains of Scienjoy and Snipp, which was also up by a lot more than 23{ef1bfe4afb8c637c3d9b733b168b5a276a6c840b9e3c68899db88d855f264c06} Tuesday early morning, were probably fueled by the NFT news. Buyers have been pouring revenue into NFT stocks as the market place for the electronic belongings has exploded in recent months.

On the other hand, NFTs are a extremely new and dangerous asset course. Most NFT-related stocks have been unbelievably volatile, and I would anticipate the exact from Scienjoy, so invest with caution.

This write-up signifies the opinion of the author, who may perhaps disagree with the “official” suggestion placement of a Motley Fool premium advisory support. We’re motley! Questioning an investing thesis — even a person of our own — aids us all assume critically about investing and make selections that enable us grow to be smarter, happier, and richer.