Integrated Media Technology Shares Soar On Launching NFT Trading Platform

Integrated Media Technology Limited IMTE agreed to take over the rights and obligation on a Cooperation Agreement on developing a Blockchain business.
The business focuses on the digital asset market platform, mainly NFT (Non-Fungible Token) trading market.
IMTE will pay a deferred payment based on future earnings of Ace Corporation Limited and a bonus payment on Ace's listing on a recognized exchange in the next five years.
IMTE now may invest up to $1 million for 60% equity interests in Ace to develop, establish, and operate a trading platform called "Ouction."
The development, marketing, and operating team will receive the 40% of the equity interest in Ace.
Eric Zhang and his team will develop the core technology.
Ouction platform will be an interactive experiencing solution designed with dynamic image cryptographic verification technology which will serve as a bridge for O2O (Online to Offline) transactions.
Eric Zhang stated, "NFT is the bridge to connect public auction market and e-commerce. The market size, measured by revenue, of the E-Commerce & Online Auctions industry, is $645.2 billion in 2021, and is expected to increase 8.1% in 2022."
Price Action: IMTE shares traded higher by 41.20% at $6.37 on the last check Thursday.