The stock of Lion Group Holding Ltd. (LGHL) declined on Friday after the company announced that it had launched an NFT art platform. The stock of LGHL is valued at around $1.28 in the current market, losing more than 3.76% from the previously closed value.
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Reason for the LGHL stock decline
Lion Group Holding Ltd. (LGHL) announced the launch of its Lion NFT market platform in a press release. Lion Group Holding Ltd. (LGHL) runs a trading platform that offers a broad spectrum of products and services and develops new growth products. Their services include SPAC or Special Purpose Acquisition Company sponsorship, Non-Fungible Token or NFT, and initiatives related to Metaverse.
Lion Group Holding Ltd. (LGHL) is excited to launch its NFT art venture named MetaWords. They created the platform in collaboration with Mr. Xu Bing. He is a renowned Chinese conceptual artist and calligrapher. There are 30 characters and blind boxes sold in the first phase of the MetaWords auction to the public on January 17, 2022.
MetaWords is creating waves in the booming industry and drawing the attention of many fans and businesses. MetaWords allows its users to create different creations using the existing meta-language infrastructure. Character holders can also receive earnings sharing from creating and using new characters by other users and adding value to the art.
Effect on the stock
The news of the new platform seems like it has adversely affected the stock, but the decline is due to the high trading volume. Once the bubble settles, it will regain its value soon. The decline is not too much for the investors to worry about.
Conclusion
The decline is temporary and not that significant. Metaverse and NFT are the future technologies, and the company is moving in the right direction with the right approach towards the new tech.
