If you are looking into media stocks this week then it might be a sound move to have a look at the Image Protect Inc (OTCMKTS:IMTL) stock. The media company was in sharp focus among investors last Friday and the stock ended the day with gains of as much as 20%.
However, those looking into the stock should also remember that there was no news about the company last week that might triggered the remarkable rally. The last time any news emerged about Image Protect was back on August 5 this year when the company announced the official launch of Celebrity Non-Fungible Token (NFT) website legendnfts.io.
It was a significant move from the company considering the fact that the market for NFTs has been on the rise for much of the year and has proven to be a highly lucrative new avenue for many companies. There has been a surge in interest in NFT offerings from all across the globe and hence, the decision from Image Protect to launch the website may have led to optimism among many investors. At this point in time, it could be a good idea for investors to keep the stock in their watch lists.
