- Integrated Media Technology Limited (NASDAQ:IMTE) agreed to take over the rights and obligation on a Cooperation Agreement on developing a Blockchain business.
- The business focuses on the digital asset market platform, mainly NFT (Non-Fungible Token) trading market.
- IMTE will pay a deferred payment based on future earnings of Ace Corporation Limited and a bonus payment on Ace's listing on a recognized exchange in the next five years.
- IMTE now may invest up to $1 million for 60% equity interests in Ace to develop, establish, and operate a trading platform called "Ouction."
- The development, marketing, and operating team will receive the 40% of the equity interest in Ace.
- Eric Zhang and his team will develop the core technology.
- Ouction platform will be an interactive experiencing solution designed with dynamic image cryptographic verification technology which will serve as a bridge for O2O (Online to Offline) transactions.
- Eric Zhang stated, "NFT is the bridge to connect public auction market and e-commerce. The market size, measured by revenue, of the E-Commerce & Online Auctions industry, is $645.2 billion in 2021, and is expected to increase 8.1% in 2022."
- Price Action: IMTE shares traded higher by 41.20% at $6.37 on the last check Thursday.
