DatChat, Inc. (DATS), a communication software company, has declined by 4.80% during the aftermarket trading session. Consequently, the stock is trading at $3.17 at the time of the writing. The decline could be attributed to the profit-taking factor after the stock rocketed by 38.75% during Tuesday’s regular trading session and closed the day at $3.33. The surge came after the company announced the initiation of web 3.0 platform development.
Why DATS Surged?
On Tuesday, DATS announced the initiation of the development of a new platform that would leverage the company’s technology to protect and share the NFTs, audio and video files, documents and messages. The platform development will be led by Chief Blockchain Architect Mark Mathis. The platform development will use the company’s technology as a foundation for a decentralized advertising network for Web 3.0 and Metaverse applications.
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Appointment of Chief Blockchain Architect
On the 3rd of January, DATS announced the appointment of Mark Mathis as its first Chief Blockchain Architect. The position of Chief Blockchain Architect was developed with a focus on aligning the company’s strategic initiatives with the increasing adoption of blockchain technology. Mathis has over 20 years of experience in several development positions. He is expected to leverage his deep domain expertise in blockchain development to strengthen DatChat’s technology platform.
Release of NRD Program
In late November, DATS announced the release of the Nirad Points Rewards Program (NRD). The first million users were to receive 10,000 NRD Points. Users could earn NRD points via active participation on the company’s Social Network+ platform and through the use of the “Proof of Participation” protocol. NRD points could be used for premium services, upgrades, and eCommerce on the DatChat Social Network+ platform.
Future Outlook for DATS
During the last three months, DATS stock has plummeted by more than 60%. The short-selling by certain investors proved to be a catalyst for this decline. However, looking ahead, the analysts believe that the stock is in a good shape to attract potential investors in the future.