Key points
- PlaySide Studios in a trading halt following BEANS Web 3.0 non-fungible token (NFT) launch
- Follows collaboration with an independent third party to issue and mint NFT collections
- BEANS social media Discord channel growing its member base at a fast pace
The PlaySide Studios Ltd (ASX: PLY) share price isn’t going anywhere on Friday.
This morning the company requested its shares be placed in a trading halt before the market open.
At yesterday’s closing bell, the video game developer’s shares finished the day at $1.015 apiece. It’s worth noting the company’s shares have gained more than 18% in value in the past week.
Why is PlaySide Studios in a trading halt?
PlaySide Studios requested the trading halt while the company prepares an announcement.
The company says it is planning to release a statement on or before Tuesday 8 February. The request for the trading halt relates to the results of its BEANS Web 3.0 non-fungible token (NFT) launch.
Metaverse & Web 3.0 PlaySide previously commenced research and development efforts for the Metaverse and Web 3.0 initiatives.
Over the course of the last few months, Playside used its original IP technology and expertise to develop an NFT-based project. The goal is to link NFTs to multiple products and environments, creating a unique experience for its member base.
At 4am today, the new series called BEANS was launched, which is based on the Dumb Ways to Die brand.
PlaySide Studios has been engaging with an independent third party to issue and mint the NFT collections, as well as manage the sale and proceeds.
The BEANS social media Discord channel has amassed more than 79,000 followers since launching on 6 January.
About the PlaySide Studios share price
Since this time last year, the PlaySide Studios share price has gained almost 200% in value.
However, in 2022, the company’s shares are down by a tad over 7% following the broader market sell-off.
Based on valuation grounds, PlaySide Studios has a market capitalisation of roughly $146.45 million. There are approximately 144.29 million shares outstanding.
The post Why is the PlaySide Studios (ASX:PLY) share price on pause today? appeared first on The Motley Fool Australia.
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More reading
- PlaySide Studios (ASX:PLY) share price climbs on record revenue
- 2 growing small cap ASX shares to watch
- Playside Studios (ASX:PLY) share price rockets 18%. What’s going on?
- 2 exciting ASX tech shares that actually jumped last month
Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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