By Michael Susin

AIQ Ltd. shares rose Tuesday after the company said its IT consultancy business in Hong Kong has won a supply contract with a non-fungible token, or NFT, marketplace.

Shares at 0842 GMT were up1.5 pence, or 20%, at 9.0 pence.

The London-listed acquirer and developer of e-commerce businesses said the marketplace--a platform to buy or sell digital assets--will be used by art schools and education centers in Hong Kong to assist their students in publishing NFTs.

NFTs are digital tokens which rely on blockchain technology, often associated with digital art and collectibles, songs, videos and designs.

The project will be developed by IT business Alcodes International in partnership with Accubits Technologies Inc. and digiXnode Technology Ltd.

AIQ didn't disclose financial details of the contract.

"We're making good progress with our initial contract in this space, which is for the supply of a decentralized finance exchange, and this new project is a first step into the NFT market," Executive Director Edwin Li said.

Write to Michael Susin at michael.susin@wsj.com

(END) Dow Jones Newswires

March 22, 2022 05:19 ET (09:19 GMT)

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