ATIF’s NFT Auction Platform Has Successfully Entered The Testing Phase

Rhea-AI Summary

ATIF Holdings Limited (NASDAQ: ATIF) has announced the successful development and testing of its NFT platform, set to launch by the end of 2021. The platform will facilitate auctions and listings of various digital assets, ensuring scarcity and originality while addressing copyright issues. Targeting primarily the US market, it aims to provide additional income opportunities for artists through royalties. CEO Jun Liu expresses confidence in the company's potential profitability by 2022, leveraging its existing media platform with nearly 10 million members to boost engagement.

Positive

• Successful development and testing stage of an NFT platform.
• Expected official launch by the end of 2021.
• Targeting US markets while open to international users.
• Potential for artists to earn additional income through royalties.
• Plans to use an existing media platform with nearly 10 million members for promotion.
• Confidence in achieving profitability by 2022.

Negative

• None.

LOS ANGELES, Oct. 12, 2021 (GLOBE NEWSWIRE) -- ATIF Holdings Limited (NASDAQ: ATIF, the “Company”, “ATIF”), a holding group providing business and financial consulting in Asia and North America, announced that its technical team has successfully completed the development of an NFT platform. The NFT platform has entered the testing stage, and is expected to be officially launched by the end of 2021.

ATIF’s NFT platform will support a wide range of digital product auctions and listings, including, but not limited to, digital art, encrypted collections, celebrity digital signatures, and personal creations while facilitating a safe and efficient trading marketplace for digital assets that ensures scarcity and originality as well as solving the problem of copyright tracing, that will be available to artists, creators, users, and collectors. The NFT platform will be primarily targeted towards US markets but is open to international users as well. Additionally, the NFT platform offers an opportunity for many artists to earn additional income through royalties, of which a portion of such income can be donated as charity purposes.

As part of the Company's plan to establish a diversified and decentralized financial service system, ATIF entered the NFT segment and expanded its physical collections to digital collections. ATIF's CEO, Jun Liu, stated that the Company will also seek out innovative decentralized financial service business opportunities to retain the Company's development vitality to bring in additional income. ATIF will use its own online media platform with nearly 10 million registered members to promote their new NFT platform while providing NFT trading platform services to its original members which will quickly boost the activity and engagement in its new platform. ATIF is expected to see a boom in 2022 as the global epidemic improves and the economy recovers. ATIF is confident that it will achieve the profitability and expects the Company to turn losses into profits by 2022.

According to NonFungible’s end of year report, the Non-Fungible Tokens Market Capitalization grew from $40,961,223 to $338,035,012 from 2018 through 2020, a staggering 825% increase from when they first started tracking the data. This is expected to grow even more in 2021 and onwards from the data set provided. According to OpenSea, one of the largest NFT platforms in the world, it recorded a total of $3.4 Billion in trading volume for the month of August which was a tenfold increase from its transaction volumes in July. This increase in volume can be attributed to the rise in demand for NFT’s and as NFT’s become more mainstream towards the public and influencers, this demand is expected to grow even more in the future. Though there are often huge activity spikes due to the increased rush in demand brought on by the public and mainstream media, NFT’s play an integral role in crypto and with the global collectibles market cap estimated to be around $370 billion, NFT’s can potentially impact this global market share.

Jun Liu, President, Chairman of the Board and CEO of ATIF was an early executive of Alibaba, the world's largest e-commerce website, and the founder of China's top ten online marketing company B2B.CN, and the founder and chairman of Morgan Networks. He is an early Internet leader in China. Liu has rich network operation experience and believes that the ATIF developed and launched NFT platform will be a brilliant achievement and will lead ATIF into a higher and better level.

About ATIF Holdings Limited
ATIF Holdings Limited ("ATIF") is a holding group with business consulting, asset management and investment business with business centers located in Los Angeles, California, and in Hong Kong and Shenzhen, China. ATIF mainly provides IPO Advisory Services to small and medium-sized enterprises in Asia and North America. ATIF has advised several enterprises in China in their plans to become publicly listed in the U.S. ATIF was awarded the "Top 10 Best Listed Companies 2019" from the "Golden Bauhinia Award", the highest award in Hong Kong's financial and securities industry. For more information, please visit https://ir.atifchina.com/.

Forward-Looking Statements
Certain statements made in this release are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantee of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, are: future financial and operating results, including revenues, income, expenditures, cash balances and other financial items; ability to manage growth and expansion; current and future economic and political conditions; ability to compete in an industry with low barriers to entry; ability to obtain additional financing in the future to fund capital expenditures; ability to attract new clients and further enhance brand recognition; ability to hire and retain qualified management personnel and key employees; trends and competition in the financial consulting services industry; a pandemic or epidemic; and other factors listed in the Company’s annual report on Form 20-F and other documents filed with the Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions you that actual results may differ materially from the anticipated results expressed or implied by the forward-looking statements we make. You should not rely upon forward-looking statements as predictions of future events. Forward-looking statements represent our management’s beliefs and assumptions only as of the date such statements are made. These forward-looking statements are made as of the date of this news release.

FAQ

What is the purpose of ATIF's new NFT platform?

ATIF's new NFT platform aims to facilitate auctions and listings of digital products, ensuring scarcity and addressing copyright issues.

When is ATIF planning to launch its NFT platform?

ATIF expects to officially launch its NFT platform by the end of 2021.

How will ATIF's NFT platform benefit artists?

The platform offers artists additional income opportunities through royalties for their digital works.

What is ATIF's target market for its NFT platform?

The primary target market for ATIF's NFT platform is the US, but it is open to international users as well.

What are ATIF's expectations for profitability?

ATIF is confident that it will turn losses into profits by 2022.