TKAT announces launch of NFT trading website

Rhea-AI Summary

Takung Art Co Ltd. (NYSE: TKAT) has launched its own NFT marketplace website, www.nftoeo.com, aimed at facilitating the buying, selling, and discovery of digital art. This initiative aligns with the company's strategy to expand into the NFT market amid global economic challenges. Co-CEO Kuangtao Wang emphasized the importance of this launch for sustainable business growth. The platform will generate revenue through listing fees, trading commissions, and management fees, catering to artists and art dealers. However, the company has acknowledged various uncertainties in the NFT market.

Positive

• Launch of NFT marketplace could boost business growth.
• Revenue generation through listing fees and trading commissions.
• Opportunity to attract a larger audience of art investors.

Negative

• Uncertainties in managing the new NFT marketplace.
• Risk of losing key customers in blockchain and NFT sectors.
• Dependence on evolving technologies that may impact competitive edge.

New York, April 29, 2022 (GLOBE NEWSWIRE) -- Takung Art Co Ltd. (NYSE: TKAT) (the "Company" or "TKAT"), an emerging operator of a fine art and collectibles online trading platform, today announced the launch of its own non-fungible tokens (NFTs) website www. nftoeo.com.

This website allows art collectors and investors to buy, sell and discover exclusive digital art items. The launch of the website marks execution of the Company’s strategy to roll out its NFT marketplace business.

Co-CEO Kuangtao Wang commented, “We have been diligently implementing the blockchain/NFT business despite of many challenges and uncertainties in the global economy. Launch of our own NFT marketplace gives us the anchor to participate in the promising NFT market to stimulate sustainable growth of our business.”

About TKAT

Takung Art Co Ltd. operates an online electronic platform (www.nftoeo.com) for offering and trading of digital artwork. Through its platform, the Company allows artists/art dealers/owners to access a much bigger art trading market where they can engage with a wide range of investors. It generates revenue in the form of services in connection with the offering and trading of artwork on its platform, primarily consisting of listing fees, trading commissions, and management fees. Please visit: www.nftoeo.com.

Forward-Looking Statements

Certain statements in this press release may constitute "forward-looking statements" within the meaning of the Federal Securities Act, including but not limited to our expectations of future financial performance, business strategy or business. These statements constitute forecasts, prospects and forward-looking statements and are not performance guarantees. TKAT warns that forward-looking statements are subject to many assumptions, risks and uncertainties that will change over time. Forward looking statements may be identified by words such as "may", "can", "should", "will", "estimate", "plan", "project", "forecast", "intend", "expect", "predict", "believe", "seek", "target", "Outlook" or similar words.

These forward-looking statements are based on information available as of the date of this press release and our management's current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements.

These risks and uncertainties include, but not are limited to, the risk factors described by TKAT in its filings with the Securities and Exchange Commission ("SEC"). These risk factors and those identified elsewhere in this press release, among others, could cause actual results to differ materially from historical performance and include, but are not limited to:

• Changes in the local governments’ policies and regulatory oversight of blockchain and NFT marketplace operations;
• TKAT's consultancy service, NFT marketplace and blockchain-based online games businesses are still under development, with many uncertainties in the future direction and integration of these various business segments;
• Failure to manage the newly launched NFT marketplace business effectively;
• The rapid development of the new technologies supporting blockchain and NFT and TKAT’s ability to explore these new technologies and apply them innovatively to keep its products and services competitive; and
• Loss of key customers in the blockchain and NFT related business;
• other risks and uncertainties indicated in TKAT's SEC reports or documents filed or to be filed with the SEC by TKAT.

Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and you should not place undue reliance on these forward-looking statements in deciding whether to invest in our securities. We do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

SOURCE TKAT

FAQ

What is the new NFT website launched by TKAT?

Takung Art Co Ltd. has launched its NFT website, www.nftoeo.com, for trading digital art.

How will TKAT generate revenue from its NFT marketplace?

TKAT will earn revenue through listing fees, trading commissions, and management fees on its NFT platform.

What challenges does TKAT face in its NFT business?

TKAT faces challenges like uncertainties in managing the NFT marketplace and the risk of losing key customers.

When was the NFT marketplace launched by TKAT?

The NFT marketplace was launched on April 29, 2022.

What does TKAT's launch of NFTs signify?

The launch signifies TKAT's strategy to enter and compete in the growing NFT market.