Genius Group (GNS) shares are soaring 39% on NFT plans
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Genius group (NYSEMKT:GNS) stock is taking off Thursday after the company revealed plans to offer non-fungible tokens (NFTs) with its shares.
In particular, Genius Group plans to include a $10 “Blockchain-based digital discount coupon.” The company is proceeding with this as part of the plan to combat potential illegal short selling of GNS shares.
This plan has Genuis Group, which wants to carry out a double listing of its shares on Upstream. This will allow shareholders of Upstream to obtain the NFT coupon. The offer includes a $10 NFT discount coupon per share of GNS stock.
Finally, investors can then exchange these vouchers for Genius Education Merits (GEMs), the company’s digital credits that are used for products on the platform. Investors will have 90 days to convert the NFT coupons into GEMs. In addition, the NFT Coupons and GEMs cannot be sold or traded.
CEO’s comment on the NFT plan
Roger Hamilton, CEO of Genius Group, gave some reasoning behind the NFT plan:
“Our investors have traditionally been retail investors who began as our students and partners, and we have had a history of providing rewards to them to recognize their support. With this $10 NFT coupon per share reward, investors get the added benefit of to participate in both Upstream’s blockchain-powered exchanges, where shares can be individually verified.”
GNS stock is already trading strongly this morning following the NFT announcement. This has around 11 million shares on the move in pre-market trading. That quickly eclipses the daily average trading volume of around 16.6 million shares.
The GNS share is up 38.9% on Thursday morning.
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At the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com Guidelines for publication.
