By Sam Boughedda
Investing.com — Shares of Integrated Media Technology Ltd (NASDAQ:IMTE) hit a high of $7.58 after it announced the launch of an NFT trading platform.
IMTE shares have since fallen back from those initial highs but are still up 32%, at $5.99.
The Australian company, listed on the Nasdaq, has signed an assignment and assumption agreement to take over the rights on a cooperation agreement that involves developing a blockchain business concentrated on the digital asset market and primarily an NFT trading market.
IMTE said it will pay a deferred payment based on future earnings of Ace Corporation and a bonus payment if Ace is listed on a recognized exchange in the next five years.
The agreement allows IMTE to invest up to $1 million for 60% equity interests in Ace to develop and operate a trading platform named "Ouction." In addition, the development, marketing and operating team will receive the 40% of the equity interest in Ace.
IMTE said the "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) transaction."
"This will enable the "Ouction" platform to not only verify virtual asset transactions, but also provide encryption and Blockchain notarized digital certificates of physical assets for a fairer and more credible platform trading experience to e-commerce companies and their users," they added.