Today, WISeKey (NASDAQ:WKEY) is among the stocks that’s seeing impressive gains. WKEY stock is currently up approximately 12% at the time of writing on very heavy volume. More than 7 million shares have traded hands. This is relative to an average daily volume of just under 500,000 shares.
Today’s move comes amid a surge in retail investor interest for anything NFT-related. Indeed, with .jpg pictures of laser-eyed rocks selling for $1.3 million, any company with even an indirect interest in this game is being targeted by millennial investors. WISeKey happens to be a key player in this space.
Questions of just how long this mania can persist remain. If this is a fad, it’s one heck of an example. Regardless of where one sits on the investing spectrum, the thought of paying more than a million dollars for exclusive ownership of a digital image is something to pay attention to.
Let’s dive into why WISeKey is seeing so much interest in this environment.
NFT Speculation Boosting WKEY Stock
WISeKey’s business model is one that has once again caught the eye of investors. Back in March, the stock more than doubled in a given trading day on previous NFT-related enthusiasm.
Well, WKEY stock is one of the few places investors can go to invest in a “picks and shovels” manner on this boom. That’s because WISeKey has developed an NFT application that secures, authenticates and proves ownership of digital assets. For those paying more than $1 million for a picture of a rock, it’s probably worth it to shell out the money for a certificate of authenticity.
The company’s WISe.ART application has become one of the leaders in certifying the authenticity of digital artwork. In this rush we’ve seen, WKEY stock has become a go-to investment for those looking to capitalize on the trend. Believers in the long-term viability of the nascent NFT space are jumping into WKEY stock and other players in the authentication space in a bid to capitalize on continued momentum over time.
Of course, how all this plays out remains to be seen. However, it’s clear that WKEY stock is likely to be one of the most volatile on the market this year, and for a while.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.