The9 noted that the NFTSTAR marketplace is expected to officially launch during the fourth quarter, whilst the user pre-registration continues.
The9 Ltd (NASDAQ: NCTY) stock traded as high as $16.10 during today’s premarket, up approximately 7.4% as of August 30, 2021, 8:31 a.m. EDT. Notably, NCTY stock closed last week on Friday trading at $14.99, after adding 4.46% during the day. The9 stock price spike has been attributed to news that the crypto mining company is now set to venture into the non-fungible tokens (NFT) market through its Singaporean subsidiary NFTSTAR.
The9 noted that the NFTSTAR marketplace is expected to officially launch during the fourth quarter, whilst the user pre-registration continues. Notably, Mr. Gagan Palrecha, the former Dapper Labs VP Operations, is expected to join the NFT marketplace as the Chief Operation Officer (COO).
In a note through a press release, Chris Shen, CEO of NFTSTAR said that Gagan was best fitted for the position based on his experience. “We are very glad that Mr. Palrecha is joining NFTSTAR. NBA Top Shot, developed and operated by Dapper Labs, has already achieved great success in the NFT market. Mr. Palrecha has extensive experience and resources for the operation of the NFT platform. He will work with the management team to further formulate both short-term and long-term product and operation strategies,” Shen explained.
The9 and Its NFT Plans
The9 is venturing into the NFT market at a time when the adoption is at its peak and anticipates reaping huge benefits by providing a secure, and scalable marketplace. “NFT market is growing rapidly all over the world. Our NFTSTAR platform has great potential to grow. Driven by the dual-core businesses of NFT and cryptocurrency mining, our globalization strategy is getting more solid, and a broader market will bring stronger growth to The9,” Zhu Jun, Chairman, and CEO of The9 noted.
With increased competition in the NFT marketplaces, the NFTSTAR marketplace was designed with the user in mind. Notably, NFTSTAR users can purchase different tiers of blind boxes and own stars’ limited NFT collections. Moreover, the platform will feature art collections created by global stars licensed IPs.
Additionally, NFTSTAR will accept globally recognized forms of payments including credit cards in a bid to ensure seamless NFT trading. Founded back in 2004, The9 aims to become a global diversified tech company, with the help of emerging technologies including blockchain and artificial intelligence.
The company has a reported market valuation of $243.34 million and 15.68 million outstanding shares. In the past year, NCTY stock has gained approximately 218% and has added approximately 323% year to date. NCTY stock market is expected to rally further should the crypto market experience a fresh bull market in the coming quarters.