Meten Edtechx Education Group Ltd (NASDAQ:METX) stock is trading with modest gains in the pre-market session after the news. The stock has been losing momentum over the past month with a fall of 27%.
Market Reaction
As of 8:45, METX stock is up by 1.77% at $1 with more than 596K shares traded hands.
Major Trigger:
Meten EdtechX to Apply Non-Fungible Token for Digital Copyright in Online Education
Key Highlights:
- today announced that the Company plans utilize non fungible token (“NFT”) technology to verify authenticity to protect copyright of the courseware created by education experts and teachers, prevent piracy, empower the education industry, and motivate teachers.
- NFT is a unit of data recorded on a digital ledger, called a blockchain, that certifies a digital asset to be unique and therefore not interchangeable. NFTs can represent ownership of nearly any real or intangible property in digital form.
- Examples range from plots of virtual land in multi-user platforms, programmable art, to ownership records for physical assets. Because they are unique and impossible to replicate, they can bridge the gap between the virtual and the physical economies, offering a huge market of valuable digital goods that can be scaled, collected, and traded.
- By leveraging blockchain technology and NFTs, the Company strives to take the lead in enhancing the digitalization, innovation, and decentralization of the overall education industry. The Company has kept up closely with the changes in digital copyright and expects to push forward the reform and upgrade of entire industry.
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