Shares of Seven Arts Entertainment (OTCMKTS:SAPX) closed higher in the previous trading on unusual volume.
Market Reaction
On Monday, SAPX stock soared 8% at $0.0027 with more than 23.05 million shares, compared to its average volume of 18.43 million shares. The stock has moved within a range of $0.0023 – 0.0028 after opening the trade at $0.0025.
Announces Upcoming Film Title and NFT Development
‘Venus Effect’ will be the upcoming feature film from Seven Arts Entertainment (OTCMKTS:SAPX) and its production team. The sci-fi genre film has been made under Director, Andrew Burn together with Seven Arts’ subsidiary Muse Media.
The firm has also engaged a major cryptocurrency expert trader, miner, and influencer for assisting with the minting of different NFT’s for the upcoming project as well as future projects.
Seven Arts expects harnessing of NFTs for encouraging audience and investor engagement experience. The NFTs will enable investors to shape film content and even provide cameos in Seven Arts projects.
The film is moving ahead of plans being in early-stage production and the firm has narrowed down a number of female leads for joining the cast. A number of streaming platforms are interested in picking up the movie and the firm is confident on closing the deal shortly.
Seven Arts CEO, Jason Black said that he is delighted with the firm’s progress as they have been aggressively working in the background towards shareholders’ sentiments by incorporating the NFT model into business strategy.
Black added that he believes the firm will generate $10 million-plus in projected revenues in the near term. It is anticipated that the initial NFT offering for Venus Effect will exceed $1 million in NFT revenue added to the company’s balance sheet.
Key Quote
Stated Seven Arts CEO, Jason Black: “I’m very pleased with the Company’s progress. While we appeared silent during the process of preparing our next quarterly filing to remain fully current, we have been aggressively working in the background to consider shareholder sentiment toward realistically incorporating the NFT model into our business strategy. We believe that what the Company has under development will generate $10 million plus in projected revenues for Seven Arts in the near term.”
Traders Review
SAPX stock is trading above the 20-Day and 50-Day Moving averages of $0.0024 and $0.0014 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.0004. The stock is up 5% over the past week.
