Embedded media technology pops up on NFT trading platform
By Sam Boughedda
Investing.com — Shares of Integrated Media Technology Ltd (NASDAQ:IMTE) rose to a high of $7.58 after news broke that it was launching an NFT trading platform.
IMTE shares have since fallen from those initial highs, but are still up 32%, at $5.99.
The Australian company, listed on Nasdaq, has signed an assignment and takeover agreement to take over the rights of a cooperation agreement which consists of developing a blockchain activity focused on the digital asset market and mainly an NFT trading market. .
IMTE said it will pay a deferred payment based on Ace Corporation’s future earnings and a bonus payment if Ace is listed on a recognized stock exchange within the next five years.
The agreement allows IMTE to invest up to $1 million for a 60% stake in Ace to develop and operate a trading platform named “Ouction”. In addition, the development, marketing and operations team will receive the 40% stake in Ace.
IMTE said that “the auction platform will be an interactive experience solution designed with dynamic image cryptographic verification technology that will act as a bridge for O2O (online to offline) transaction.”
“This will allow the ‘Auction’ platform to not only verify virtual asset transactions, but also provide notarized digital encryption and blockchain certificates of physical assets for a fairer platform trading experience. and more credible for e-commerce businesses and their users,” they added. .