Shares of Chinese are living-streaming system operator Scienjoy Holding Corp. (NASDAQ:SJ) ended up buying and selling additional than 55% better as of 11:55 a.m. EDT Tuesday just after the company declared a new strategic alliance with Snipp Interactive (OTC:SNIP.F).
Scienjoy is partnering with Snipp, which assists its corporate purchasers operate their loyalty and benefits plans, to establish two main initiatives. The very first will be a new rewards technique that will enable Scienjoy broadcasters and end users to receive much more factors on its platform, which they can then exchange for electronic awards.
Scienjoy and Snipp will also examine techniques to permit Scienjoy users to produce their individual non-fungible tokens (NFTs), which are digital documents this kind of as artwork, video, and audio, saved on a blockchain — the same electronic ledger technology that underpins cryptocurrencies.
The total aim is to permit Scienjoy users to use the details they purchase through the new rewards method to purchase NFTs built from snippets of their most loved broadcasters’ dwell-streams.
“With roughly 250 million consumers and 300,000 broadcasters throughout our ecosystem, we are effectively-positioned to enable our companions maximize their outreach efficacy,” Victor He, chairman and CEO of Scienjoy, mentioned in a statement.
The steep gains of Scienjoy and Snipp, which was also up by far more than 23% Tuesday morning, were being most likely fueled by the NFT news. Buyers have been pouring dollars into NFT shares as the current market for the digital belongings has exploded in new months.
Nevertheless, NFTs are a really new and risky asset class. Most NFT-similar stocks have been exceptionally risky, and I would expect the exact same from Scienjoy, so devote with caution.
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