During early trades, this morning, the ZK International Group Co., Ltd. (Nasdaq: ZKIN) stock has been rocketing. ZKIN stock was trading at $11.95 as of this writing, rising $3.18 with an increase of more than 366%. After the launch of a new NFT product by its subsidiary, the price of ZK International stock continued to rise in the past couple of sessions.
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What is ZK International’s subsidiary up to?
China-based ZK International designs, engineers, manufactures, supplies and distributes high-performance stainless steel and carbon steel pipe products, in addition to sophisticated pipeline systems used for water or gas supply systems. In addition to 28 patents, ZKIN also holds 21 trademarks, 10 National and Industry Standard Awards, and 2 Technical Achievement Awards.
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ZK International recently announced that its subsidiary and blockchain R&D lab, xSigma Corporation, will launch its newest Non-Fungible Tokens (NFT) project.
Prediction Models estimate that NFT will be an industry worth around $1,3 billion in 2021 and launching that new project will enable xSigma to be part of the that industry. With the platform created by the team at xSigma labs, users will be able to buy and sell NFTs, and make their own custom NFTs in just a few clicks.
In addition to the Ethereum and Polkadot blockchains, xSigma plans to utilize various other blockchain systems while attracting various artists and talents to its platform. Before, NBA Champion Dwight Howard endorsed the DeFi platform, and xSigma hopes to gather similar endorsements for its new NFT Platform.
Business Prospects:
With the launch of the NFT later in this year, the platform will be xSigma’s fourth product in its ecosystem of blockchain products. At the moment, the DeFi project at xSigma was successful in achieving $100M Valuation Locked in the first week after its launch in February.
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On the hand, the Chinese Government has committed $850 Billion on improving the water quality, which in its current supply state is 70% unfit for human contact. ZK International (ZKIN) intends to take advantage of this opportunity.