Here's Why The9 Stock Popped Today
Shares of China-based cryptocurrency miner The9 (NASDAQ: NCTY) jumped by as much as 16.5% Monday morning on news related to its non-fungible token (NFT) platform, NFTSTAR. The company revealed the launch of NFTSTAR on Aug. 30, and on Monday, it announced an exclusive agreement with star running back Christian McCaffrey of the NFL's Carolina Panthers. The stock pulled back as the trading day progressed, but it still closed the session with a gain of 7.4%.
Under its new deal with McCaffrey, The9 will develop, sell, and trade NFT creations developed with the athlete. "McCaffrey will work with NFTSTAR's world class creative team and artists to develop digital collections including video, animation, and other digital artworks, which will creatively capture the highlights of McCaffrey's professional career and personal growth," said the company in a press release.
Source Fool.com
