Media firm Image Protect Inc (OTCMKTS:IMTL) has seen its stock start the week off on the wrong foot yesterday as the stock tanked by as much as 45% amidst a strong selloff.
However, in this regard, it is perhaps also necessary for investors to remember that no news emerged about the company yesterday that might have led to such a selloff. In this situation, it might actually be a good idea to take a look at an announcement made by the company earlier on in the month on August 5.
On the day, Image Protect announced the launch of its own Celebrity NFT (non-fungible token) website. It was a major new development from the company considering the fact that the interest in NFTs has gone up considerably over the course of the past few months across the world.
The NFT market has been in a boom cycle in recent months and could prove to be a lucrative new avenue for Image Protect as well. The company has tied up with Green Light Digital, a market agency based out of Orlando, for the purpose of marketing the whole program over the course of a whole year.