Non-fungible tokens or NFTs have become the flavour of the year for many digital asset investors and hence, many companies have decided to move in to this lucrative space as well. One of the companies to have done so recently is Cal-Bay International Inc (OTCMKTS:CBYI), which announced earlier on this month that it was going to expand into the NFT space.
This announcement seems to have brought the stock into focus among investors as well and yesterday the Cal-Bay stock managed to clock gains of as much as 3%. The company announced back on September 9 that it was going to set up a new NFT fund that is going to be used specifically for the purpose of buying these digital assets.
NFTs are generally meant for ownership of works of art and the fund is going to be designed in such a way that it is going to allow individuals to make early investments in works of art. However, that is not all. The fund that is going to be run by Cal-Bay is also going to have its own incubation hub at which NFT creators could develop NFTs and then launch them through a range of channels.