- The share price of Integrated Media Technology Ltd (NASDAQ: IMTE) rose more than 30% in intraday trading today. That’s why it happened.
The share price of Integrated Media Technology Ltd (NASDAQ: IMTE) rose more than 30% in intraday trading today. Investors Respond Positively to Integrated Media Technology Announcing the Signing of an Assignment and Assumption Agreement to Take Over the Rights and Obligations of a Cooperative Agreement on the Development of a Blockchain Business Focused on the Platform of digital asset market primarily focused on trading NFT (Non-Fungible Token) market.
IMTE will pay a deferred payment based on Ace Corporation Limited’s future earnings and a bonus payment if Ace is listed on a recognized stock exchange within the next 5 years.
Under the cooperation agreement, IMTE could now invest up to US$1 million for a 60% stake in Ace to develop, establish and operate a trading platform called “Auction”. . The development, marketing and operations team will receive the 40% stake in Ace.
The core technology will be developed by Eric Zhang and his team. And the Ouction 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) transactions.
This will allow the “Ouction” platform to not only verify virtual asset transactions, but also provide notarized encryption and Blockchain digital certificates of physical assets for a fairer and more accurate platform trading experience. credible for e-commerce businesses and their users. And the Ouction platform will build its own side chain on top of the existing large-scale blockchains to save the computational cost and computational load analysis computed by distributed ledgers, and reduce the hurdle for users to become a knot.
The company also intends to develop mobile device applications to enable mobile device users to browse data for traceability proof and transact using Blockchain without IT overhead.
“NFT is the bridge that connects the public auction market and e-commerce. The market size, measured by revenue, of the e-commerce and online auction industry is US$645.2 billion in 2021 and is expected to grow by 8.1% in 2022.” Eric further added “We are assembling a team of skilled and experienced software engineers who have experience in several Blockchain projects, including the development of the first batch of Blockchain cultural platforms, the quantitative crypto trading system, the financial platform Blockchain for supply chain etc. Ouction should adopt decentralized technologies in the fields of games, fintech, film and television, culture and e-commerce, and develop cross-industry synergy, in order to develop the economic value of the new NFT market they create.
“We are delighted to work with Mr. Eric Zhang, who was the leader in the development of Blockchain technology in supply chain finance and the former CTO of an Internet TV operator. Eric’s team will bring their expertise in Blockchain, cybersecurity and other technologies to help us grow our NFT trading platform and business operations.
— Xiaodong Zhang, CEO of IMTE
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.