Are These the Best NFT Stocks to Buy This Week?
As investors continue to debate the feasibility of investing in cryptocurrencies, non-fungible tokens (NFTs) are in a unique position. Thus, this would put NFT shares in a similar situation in the stock market today. If you’ve been keeping up with the stock market news this year, you’ve heard of NFTs. Well, for the uninitiated, NFTs are essentially digital collectibles. Powered by the security of blockchain technology, NFTs allow collectors to own unique digital versions of real-world valuables. This can range from trading cards and sports souvenirs to songs and art. Put simply, it brings a whole new dimension to the world of rare collectibles. Therefore, organizations as well as investors might keep an eye on the NFT market right now.
For example, we could look at PLBY group (NASDAQ:PLBY). With content spanning over half a decade, the media and lifestyle company would have plenty of viable NFTs to offer. That would be the case given PlayBoy magazine and its associated assets. Elsewhere, early adopters of the NFT trend are still holding onto significant gains. Take takung art (NYSE: TKAT) for example. The Hong Kong-based company essentially functions as an international art market that now offers NFTs. Over the past year, the company’s shares have still posted gains of over 650%. This is despite the cooling off of the NFT hype earlier this year.
Overall, the long-term viability of NFTs might be worth noting. Finally, it appeals to collectors about the same secure aspect of cryptocurrencies, blockchain technology. After reading all of this, you might be interested in investing in some NFT stocks yourself. In this case, there are now three to consider in the stock market.
The Best NFT Stocks to Buy [Or Sell] In August 2021
Shopify Inc.
First, let’s take a look at the e-commerce giant Shopify. In short, the company primarily serves businesses of various sizes through its eponymous e-commerce platform. Through Shopify, merchants can set up custom storefronts and have access to a comprehensive suite of retail point-of-sale systems. Similar to his peers eBay (NASDAQ: EBAY), the company is now also active in the NFT space.
The company dives right in and currently allows eligible traders to sell NFTs through its platform. In late July, the NBA’s Chicago Bulls launched their first-ever NFT through Shopify. This includes digital artwork of NBA championship rings. According to Kaz Nejatian, VP of Merchant Services at Shopify, the NBA team sold all of its NFTs within the first 90 seconds. Nejatian also explains that the NFT buying experience outside of Shopify “is not great for anyone right now“. This is because buyers and sellers have to go through independent NFT marketplaces where validity can sometimes be an issue. Overall, Shopify aims to make the NFTs more accessible to consumers through its platform.
For the most part, this would be a strategic game on the company’s part. Not only does it provide more revenue streams for its traders, but it also encourages further adoption of NFTs. Ideally, all of this could serve to further strengthen Shopify’s user base across the board. As such, would you consider SHOP stock a top NFT stock to watch in the market this week?
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Dolphin Entertainment Inc.
Another company to consider in the NFT market right now would be dolphin entertainment. Essentially, Dolphin is a leading independent entertainment marketing and premium content development company. The company operates through its three core subsidiaries 42West, The Door and Shore Fire Media. Through all of these brands, Dolphin provides strategic marketing and advertising services to corporate and individual brands. In terms of its NFT-related work, the Company operates through its NFT division, Dolphin Digital Studios (DDS).
With DDS, Dolphin designs, manufactures, distributes and promotes both its own and client’s NFTs. NFTs marketed through DDS include clients from the film, games, music and technology industries, among others. More importantly, DLPN stock is also among the earliest adopters of the technology in the stock market. Year-to-date, the company’s shares have more than tripled. Despite all of this, Dolphin doesn’t seem to be slowing down anytime soon.
In fact, the company is now working with West Realm Shire Services to “large consumer-facing NFT marketplaces“. Subsequently, these marketplaces are used by major sports and entertainment brands to sell their NFTs. All of this is currently underway thanks to West Realm’s crypto exchange service expertise. CEO Bill O’Dowd said: “We see our Marketplace experiences as the future of fandom for internationally recognized brands and franchises in sports and entertainment.“Could all of this make DLPN a top NFT stock to watch now?
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Funko Inc.
After that we Funko. In short, the Washington-based company licenses and markets lifestyle products. This includes but is not limited to vinyl figures, plush toys, apparel, housewares and accessories. It should be emphasized that Funko’s is widely known for its Funko Pop collectible figures. Thanks to its huge partner network, the company offers consumers a wide range of Funko Pops themed around pop culture. As you can imagine, the company’s wares are already popular with collectors today. Likewise, FNKO stock appears to be gaining traction among investors as well. The company’s shares are currently up over 220% over the past year.
In addition, Funko is now also playing in the NFT world. Just last week, the company launched its first NFT package starting at $9.99. Through this “Digital Pop!” packs, which reveal rarer collectibles, also allow buyers to redeem them for free physical merchandise from Funko. All in all, it seems like Funko is making the most of both physical and digital space to continue fueling its growth.
While that’s all great, the company also seems to be in overdrive financially. In its most recent quarter, released last week, Funko looked green across the board. Notably, the company’s total revenue for the quarter soared over 140% year over year. Additionally, Funko reported massive year-over-year increases of 230% in net income and 132% in cash on hand. With the company now in full swing, will you be watching FNKO stock this week?
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
