Film distributor Cinedigm says it plans to develop NFTs, given consumers’ adoption of and commercial prospects for the tokens.
Cinedigm (CIDM) – Get Report shares rose on Thursday after the distributor of films and TV content said it planned to turn some of its inventory into non-fungible tokens.
“Cinedigm is excited about the rise in consumer adoption and commercial prospects for #NFT,” the New York company’s chief executive, Chris McGurk, said in a tweet.
“Given our extensive film library, deep connection to fandom and collectibles, and $CIDM’s strong brand partnerships and technology capabilities, I have directed our product team to develop new NFT products to enhance the user experience of our loyal audiences.”
But Cinedigm isn’t getting too carried away. “To be clear, these new #NFT initiatives are to support our core mission: creating a great streaming channel and content experiences for our passionate user base,” McGurk said.
The company’s stock recently traded at $1.88, up 16%. They closed Wednesday trading up 7.3%.
NFTs are unique cryptographic tokens that exist on a blockchain and can’t be duplicated. They’re all the rage now in everything from art to sports.
Repost from https://www.thestreet.com/investing/film-distributor-cinedigm-shares-soar-on-plan-for-nfts