UA Multimedia (OTCMKTS:UAMM) Stock Jumps After Releasing Business Updates
UA Multimedia, Inc., formerly known as JMI Telecom Corp, is based in Irvine, California. The technology company is involved in blockchain, cryptocurrency, DeFi, NFT, and Metaverse. It is the owner of two Web properties – CannaMedi.com which offers information about the current development of the medical marijuana industry, and health and treatments of illness using cannabinoid-based remedies, and Cannaxa.com, an online directory service with social networking and user reviews for cannabis product and service providers.
Market Stats
On Friday, UAMM stock moved up 6.61% to $0.0100 with more than 622k shares, compared to its average volume of 693K shares. The stock moved within a range of $0.0090 – 0.0116 after opening trading at $0.0116.
UA Multimedia Introduces NFT Swapping Platform and Provides Business Updates
UA Multimedia, Inc. has provided general business updates and introduced its NFT swapping platform on August 05, 2022. The company has been developing a platform that allows owners of NFTs to list and exchange their NFTs for other digital assets, including cryptocurrencies.
The recent downturn in the crypto market had slowed the amount of NFT and crypto trading volume significantly, while the low liquidity meant that NFT owners were unable to sell their digital assets. To boost NFT and crypto trading activities, the company will offer a service to enable owners of NFTs to swap their digital assets based on mutually agreed values. NFTs on one blockchain can be swapped for NFTs on another blockchain, and even for different cryptocurrencies, with the company acting as an intermediary.
The company expects business to pick up soon in GogiSwap – a decentralized permissionless cryptocurrency exchange, which doesn’t list any tokens or require users to deposit funds into their accounts. All transactions are made via the user’s own digital wallets, so users are in complete control of their cryptos. The Gogi Marketplace, a Binance Smart Chain NFT marketplace, is being used by the company to mint and airdrop NFTs to its shareholders as shareholder rewards (as announced on June 24, 2022). Holders of the NFTs automatically get entered into periodic raffles for various prizes as well as a share of lottery winnings. The GOGI token is currently being traded at PancakeSwap, BakerySwap, and dex.guru.
UA Multimedia to Airdrop NFTs and Utility Tokens to Shareholders
As mentioned above, UA Multimedia released details about its shareholder loyalty perks airdrop on June 24, 2022. Each qualified and interested shareholder could receive a non-fungible token (NFT) along with a number of GOGI utility tokens. The NFTs are minted on the Binance Smart Chain and Ethereum blockchain. The free NFTs are minted on the Company’s BNB Chain NFT marketplace, GogiMarketplace.com. Non-shareholders who wish to participate in the raffles could also purchase the NFTs from GogiMarketplace or the Ethereum marketplace OpenSea.io.
UA Multimedia is even developing a social networking platform, scheduled for launch in Q3 of 2022, to enable users to create media content and engage in social activities to earn rewards tokens. Another major update is that it plans to make its foray into the Metaverse (estimated value would be $800 billion by 2024) with small projects and scale up over time.
Traders Corner
UAMM stock is trading below the 20-Day and 50-Day Moving averages of $0.0090 and $0.0101. Moreover, the stock is trading below the 200-Day moving average of $0.0191.
