Future FinTech shares rise after deal with Faya Digital to develop metaverse platform

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• Future FinTech (NASDAQ:FTFT) shares climb nearly 5% after it signed a Strategic Cooperative Letter of Intent with Faya Digital technology to establish a metaverse research and operations platform.
• Faya Digital is a research and development company focused on building a symbiosis of virtual reality and a new digital space by using blockchain, augmented reality and non-fungible token.
• Shares of FTFT initially spiked about 20% following the release in pre-market trading, but has since erased a large chunk of those gains.
• The two companies plan to develop the joint venture, Future Metaverse, and will cooperate to establish a new underlying tech engine, HyperVerse Version 1.0, to run the platform.
• In addition the joint venture expects to initially develop 18 NFT avatar products and three blockchain games.
• "We plan to implement a clear strategic plan for Future Metaverse and deploy a top technical team to capitalize upon the prospects in this growing but still nascent sector," Future FinTech CEO Shanchun Huang says.
• Previously, (Oct. 27) Future FinTech planned to build a crypto mining farm in Paraguay.