In the ever-exploding non-fungible token (NFT) stock sector, countless new players are stepping up to enter the industry. One of the newer companies trying to enter the NFT arena is LiveXLive (NASDAQ:LIVX), and its stock moves with the news.
LiveXLive is a media company that focuses on music streaming and online entertainment. Recently, the company has found publicity thanks to its partnership with vice media. The two companies are teaming up for their online music festival “Music Lives”, which was held for the first time last weekend.
The event was a great success, according to the company’s press release. The 72-hour livestream, which featured more than 100 popular music artists, drew 23 million viewers.
Additionally, the press release contains an interesting announcement regarding its entry into the NFT stock market. Through the event, LiveXLive launched its first NFT product in the form of digital concert posters. The company is now looking to expand the success of the product by creating its own dedicated NFT division.
The announcement isn’t necessarily surprising, as music and NFTs seem to go together like peanut butter and jelly. However, this press release moves the LiveXLive brand from a relatively obscure NFT stock option to a promising NFT stock option faster than any other company I’ve seen so far. .
NFT Actions: The Conclusion on LiveXLive
Yahoo finance reports positive sentiment towards LIVX shares lately, citing above-average trading volume and high implied volatility. Some call options can reach $10 on the stock.
Today, however, there is a strange turn of events for new NFT stock. The shares are currently down 20%, which is highly unusual for a stock to come off such a favorable press release. It would be wise to keep an eye on the future of the business as it will likely bounce back. Consensus among analysts puts LIVX stock above $6, so don’t let the decline scare you.
As of the date of publication, Brenden Rearick had (neither directly nor indirectly) any position in the securities mentioned in this article.