MMTec, Inc. (NASDAQ: MTC) ended the day at $2.0700 with a gain of $0.5800 (+38.93%). The stock prices fluctuated between $1.4000 – $2.5299, with more than 2.98M shares exchanging hands.

So why did MTC surge today ?

The failure of Silicon Valley Bank led to a sell-off in equities and a shift to safe-haven assets, such as US Treasuries and gold. Markets have calmed down somewhat, and the worst of the equity sell-off seems to be over. However, the market anticipates that the markets will be somewhat uneasy until a better understanding of inflation is reached and what the Federal Reserve will do next week.

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Despite most investors currently avoiding the banking sector, Wall Street sees potential opportunities, particularly in regional banks. The chaos in the market has created opportunities in the industry and several banking stocks are being punished just for being a banking stock. The collapse of Silicon Valley Bank was due to its specialisation in venture-capital financing, which made it vulnerable to the higher interest rate regime of the past 12 months.

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Therfore, today’s gains in MTC seems to be more a sympathy bounce considering the overall banking sector. Earlier in March, MMTEC, Inc. (Nasdaq: MTC) declared that it will relocate its operations from Beijing to the Hong Kong Special Administrative Region, effective March 6, 2023. The Company’s subsidiary, MM Future Technology Limited, which is a Hong Kong incorporated limited company, will assume all operations previously conducted by its subsidiary, Gujia (Beijing) Technology Co., Ltd. However, Gujia will continue to carry out specific technical research and development functions. Further, the Company, through its subsidiary HC Securities (HK) Limited, and other entities, will continue to invest its human resources in asset management and securities underwriting, and other related businesses, aiming to attract global funds to invest in the Chinese market and support China’s economic growth. The Company’s new operations headquarters is located at Room 2302, 23rd Floor, FWD Financial Center, 308 Des Voeux Road Central, Sheung Wan, Hong Kong.

We will be updating on MTC when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with MTC.

Disclosure: We have no position in MTC and have not been compensated for this article.

Asia Broadband Inc. (OTCMKTS: AABB) is actually a mining company, but you couldn’t tell from the name.  At their core is a gold mining business expected to start producing revenues this year. The thing that has captured investor interest is the crypto currency side of the business which broadens the appeal to a larger pool of investors. There has been a growing trend in the Web2 space, a term used to categorize the brick and mortar and online businesses, who are now hedging their company’s longevity by entering the Web3 arena. This infantile space has been continuing to lay the foundation for entrepreneurs and brilliantly creative minds to build an alternative digital universe. This world, which is being called the “metaverse” or “multiverse”, is being constructed utilizing the many benefits the blockchain has to offer.  With its new NFT project, AABB is bridging the gap between the debatable “unsexy” world of mining and fast moving crypto markets.   

Many are comparing the blockchain and the metaverse on an embracement path that is similar to that of the internet back 20+ years ago. It took over a decade to truly grasp just how important and how important a role it plays in our daily lives. Some early internet companies are now today’s leaders on the NASDAQ and if history repeats itself, come 2030 one may reflect on similar missed ground floor opportunities.

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Web3 offers an untapped developing ecosystem that many wish to get their business involved in one way or another. The hopes this new business playground will create alternative revenue streams, or possible growth scenarios, having a presence is critical for many companies looking to withstand the test of time in our constantly evolving technological world.  Asia Broadband, a gold mining company, took a leap in 2021 to create their own crypto coin, now are leaping once again into a NFT Metaverse project, titled “Golden Baboons Mining Club”, which is currently designed to reward its loyal shareholder base.

“Management and our NFT team are super excited to release our very first GBMC NFT art to our supporters that register before February 22nd. This is an amazing synergistic and creative project for AABB because we are a gold mining company and also have our AABBG gold-backed digital token, so it was a logical extension to develop an NFT project related to gold. Our primary goal with the NFT segment is to bring all the elements of AABB together to increase market awareness in an entertaining fashion with the creation of an endearing mascot-like character that embraces the spirit and community of all AABB followers. Consequently, we intend to build shareholder value and loyalty by positioning our own unique GBMC ‘Baboon Army’ in the NFT space.” – CEO Chris Torres  

The Golden Baboons Mining Club (GBMC)

The Golden Baboons NFT collection of 8,888 will reside on the Ethereum blockchain. The GBMC hopes the NFT world will embrace the concept of having a “gold-back” NFT, where it will trade just like every other NFT out there based on its collectibility and rarity. While most NFTS are only a cute cartoon image, AABB’s approach by backing the collection with a ½ gram of gold offers a “worst case scenario” value or floor which they hope collectors will give some level of reassurance in their purchases. 

Backing the NFT with gold is just one utility or bonus the collection will offer. Collectors will be a part of a community of passionate shareholders, who already have established a discord channel to talk about everything $AABB related, whether stocks, crypto or NFTs. The project roadmap and whitepaper also mention a follow-up collection named “shorties”, a possible limited edition bottle of gold-flaked tequila and the ability to stake their NFT(s) to earn $AABBG token rewards. “Having a NFT in this collection is as if it’s a membership to an exclusive club that offers cool perks and a community base that shares like interests and are passionate about their investment”, stated AltMom, a web3 Twitter Space Host who’s real name is Tosha. AltMom co-hosts the weekly Friday twitter space at 1pm EST. Her and her team have assisted Asia Broadband in this Web2 to Web3 venture and have played a key role in educating the shareholder base about the fascinating world of crypto, the metaverse, NFTs and the overall value of community. 

The Mint

The project will roll out in 3 parts. The company, which has made it very clear on how they welcome Web3, is attempting to make sure both its shareholder and token holder base are able to participate and take advantage of the discounted mint price. February 28, 2023 will be the initial mint date or for what some are calling a “pre-sale”. There will only be a limited amount sold on that day. The project will re-open the mint again a week later on March 6th, where whitelist registrants will be able to mint. On March 13th, there will be the reveal party as well as opening up the mint to the public for the remainder of the NFTS. Those minting that day will have an instant reveal of their NFT. Prices will be .03E for early registrants, .04E for whitelist and .05 for the general public. 

About Asia Broadband

At its core AABB is a junior gold miner that saw the opportunity to vertically integrate the sales cycle of gold using blockchain solutions.  As the company presses forward so does its progress in  the digital asset space. The company’s digital asset divisions like the AABB Gold token, AABB Wallet, AABB Exchange, and NFTs will continue expanding and developing at an accelerated rate as time progresses. AABB will also continue to optimize its capital utilization by implementing its mining production and acquisition strategy in regions of Mexico. Most recently, AABB has completed a historic and long-term processing and production agreement for a large-scale gold and silver ore stockpile located in Las Jimenez, Etzatlan, Jalisco, Mexico, that is being filed with the Mexican Mining Registry (DGM). The agreement allows the Company exclusivity to purchase the 4 million ton ore stockpile at an economically feasible price point. A recent evaluation report has estimated the stockpile to represent over $800 million in total gold and silver value.

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AABB continues to optimize development capital utilization by implementing its mining property acquisition strategy. They plan to achieve this by focusing their operations in regions of Mexico. AABB has a comparative advantage within Mexico due to its development resources and expertise readily available for quick expansion and duplication of the company’s previous gold production success.

Conclusion

For Asia Broadband, the NFT project most likely will not move the price per share needle, but the bold approach to have a footprint in web3, along with acknowledging its shareholder base, is quite impressive and who knows, maybe some Web3 NFT collectors will become shareholders. The social media marketing blitz for the Baboon project can only help get the word out there for Asia Broadband. Their twitter spaces are both entertaining and educational as their space hosts and brand ambassadors are veterans in the crypto and NFT space. The company is doing a great job hammering home the “Gold”, whether its mining, or its backing of their current token or newly created NFT project. Gold has been a storage of wealth for thousands of years, its value has been timeless and today trades over $1800/troy ounce. Gold has always been a great hedge when there is uncertainty in the world and one can’t deny the last few years have been full of just that– uncertainty. No one knows where crypto is going, if regulators squeeze them to death or how long NFTs will trend. Blockchain is next generation tech that isn’t going away and many can argue gold isn’t going anywhere either, thus why backing these riskier infantile investment opportunities may make backing them with gold more enticing. AABB is doing a great job of broadening its horizons to lure new investors by breaking the stigma of being a boring natural resources company. Definitely keep an eye on AABB and if you love NFTS, visit GoldenBaboons.com for more info and how to participate in the project.

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Disclosure: we hold no position in AITX, either long or short, and we have not been compensated for this article