What happened Shares of Chinese live-streaming platform operator Scienjoy Holding Corp. (NASDAQ: SJ) were trading more than 55% higher as of 11:55 a.m. EDT Tuesday after the company announced a new strategic alliance with Snipp Interactive (OTC: SNIP.F). So what Scienjoy is partnering with Snipp, which helps its corporate clients run their loyalty and rewards programs, to develop two major initiatives. The first will be a new rewards system that will enable Scienjoy broadcasters and users to earn more points on its platform, which they can then exchange for digital awards. Scienjoy and Snipp will also explore ways to allow Scienjoy users to create their own non-fungible tokens (NFTs), which are digital files such as art, video, and audio, stored on a blockchain -- the same digital ledger technology that underpins cryptocurrencies. Image source: Getty Images. The overall goal is to enable Scienjoy users to use the points they acquire through the new rewards system to purchase NFTs made from snippets of their favorite broadcasters' live-streams. "With approximately 250 million users and 300,000 broadcasters across our ecosystem, we are well-positioned to help our partners increase their outreach efficacy," Victor He, chairman and CEO of Scienjoy, said in a statement. Now what The steep gains of Scienjoy and Snipp, which was also up by more than 23% Tuesday morning, were likely fueled by the NFT news. Investors have been pouring money into NFT stocks as the market for the digital assets has exploded in recent months. However, NFTs are a very new and risky asset class. Most NFT-related stocks have been incredibly volatile, and I would expect the same from Scienjoy, so invest with caution. 10 stocks we like better than Scienjoy Holding CorporationWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Scienjoy Holding Corporation wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of February 24, 2021 Bram Berkowitz has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source