Nova Lifestyle Inc. (NASDAQ: NVFY) is jumping on the bitcoin bandwagon and has just said the magic word: “blockchain.” The company announced that it has initiated design of a digital community that brings together designers and customers to deliver real time product and user experience built on blockchain-empowered technology platform named the iDesign Blockchain Platform. Nova believes this will be a first in the furniture industry.
Bitcoin has been the big name in 2017, and its fundamental technology blockchain has been all the rage as a result. While this could just be a fad and what’s in vogue now, companies adopting this technology, or at least researching it, have yielded positive results. Practically any mention of blockchain being integrated into any business has been cheered by investors, and for Nova Lifestyle it seems no different.
Specifically, Nova intends to establish iDesign Blockchain Technology as a subsidiary and then establish a trusted digital ecosystem that links the experiences of independent product designers, customers and manufacturers with Nova-branded products on a creative global digital platform powered by blockchain technology.
This platform plans to target various artistic creators or designers as an innovation center, focusing on their ideation process to deliver enhanced user experience.
Tawny Lam, CEO of Nova Lifestyle, commented:
Nova’s large existing and expanding customer base established over the last 25 years will initially serve as the launching base for the digital community. This ecosystem should deepen customer integration and enhance sales and earnings through Blockchain technology.
Excluding Wednesday’s move, Nova had outperformed the broad markets, with its stock up about 30% year to date. Over the past six months, the stock was up closer to 79%.
Shares of Nova Lifestyle were last seen up about 15% Wednesday to $2.89, in a 52-week trading range of $1.06 to $3.10.