Shares of Cinedigm (NASDAQ: CIDM) jumped Thursday after the film and TV content producer announced its plans to enter the booming non-fungible token (NFT) market. By the close of trading, Cinedigm’s stock price was up 18.5% after rising as much as 31.5% earlier in the day.
Cinedigm’s shares have soared in recent days on speculation that it would enter the NFT space. An NFT is a unique digital asset that uses blockchain technology to register ownership and prevent duplication. Demand for NFTs has reached a fevered pitch this year, with one selling for a staggering $69 million earlier this month.