In this article, we discuss the 10 best NFT stocks to buy right now. If you want to skip our in-depth analysis of these stocks, head straight to the The 5 Best NFT Stocks to Buy Right Now.
According to digital analytics firm DappRadar, non-fungible token (NFT) revenue surpassed $2.5 billion in the first six months of 2021. The number shows the explosion in popularity of digital tokens this year, evidenced by the fact that NFT sales in 2020 were just $94 million, according to DappRadar calculations. Investors looking to explore this new market should keep an eye on famous NFT stocks like Twitter, Inc. (NYSE:TWTR), Cloudflare, Inc. (NYSE:NET), and Mattel, Inc. (NASDAQ:MAT), among others.
These companies have helped make NFTs more popular. Jack Dorsey, CEO of Twitter, Inc. (NYSE: TWTR), sold his first tweet about NFT for nearly $3 million earlier this year. Cloudflare, Inc. (NYSE: NET) has helped build trust in digital tokens by bringing new technology to enterprise customers through the products it offers. Even celebrities like Katy Perry and Jay-Z have recently gotten on the NFT train. In June, Perry announced the launch of a fan NFT just days after Jay-Z announced plans to do the same on the anniversary of his first album release.
An NFT is essentially a unit of data stored in a digital ledger. This ledger certifies that a digital asset is unique. It is used in entertainment, gaming and artistic contexts. According to OpenSea, an NFT marketplace, monthly sales volume for NFTs hit a record high total of $160 million in June. The market for NFTs appears to be skewed in favor of buyers. NonFungible.com, a website that tracks NFT transactions, claims that since March, when the NFT craze hit a record high, monthly NFT buyers have surged up to 20,000 per week, outpacing sellers.
There is no doubt that NFTs are rapidly changing the world of online entertainment and gaming. The entire hedge fund industry is feeling the effects of the changing financial landscape. Its reputation has been tarnished over the past decade, in which its hedged returns have not matched the unhedged returns of market indices. On the other hand, Insider Monkey’s research was able to pre-identify a select group of hedge fund holdings that have outperformed the S&P 500 ETFs by more than 124 percentage points since March 2017. Between March 2017 and July 2021, our monthly newsletter’s stock pick returned 186.1% versus 100.1% for the SPY. Our stock selection outperformed the market by more than 115 percentage points (see details here). For this reason, we believe that hedge fund sentiment is an extremely useful indicator for investors to watch out for. You can subscribe to our free newsletter on our homepage to receive our stories in your inbox.
Our methodology
With that in mind, here is our list of the 10 best NFT stocks to buy right now. These have been ranked taking into account analyst ratings, fundamental business fundamentals and hedge fund sentiment.
The Best NFT Stocks to Buy Right Now
10.Dolphin Entertainment, Inc. (NASDAQ:DLPN)
Number of hedge fund holders: N/A
Dolphin Entertainment, Inc. (NASDAQ: DLPN) is ranked 10th on our list of the 10 Best NFT Stocks to Buy Right Now. The Company markets entertainment and premium content services and is based in Florida. It has a market cap of nearly $76 million and generated $24 million in revenue last year. In March, the company entered into an agreement with Hall of Fame Resorts & Entertainment regarding NFTs. The company’s share price had skyrocketed earlier in the week after it was announced it would create a division solely focused on NFTs.
In March, investment advisor Maxim kept a buy rating on shares of Dolphin Entertainment, Inc. (NASDAQ: DLPN) and raised its target price from $10 to $28, highlighting that the company had established a new division focused on NFTs.
On August 2nd, Dolphin Entertainment, Inc. (NASDAQ: DLPN) announced that it has partnered with FTX to create large scale NFT marketplaces for consumers interested in major sports and entertainment events.
Just like Twitter, Inc. (NYSE:TWTR), Cloudflare, Inc. (NYSE:NET), and Mattel, Inc. (NASDAQ:MAT), Dolphin Entertainment, Inc. (NASDAQ:DLPN) is one of the best NFT stocks right now to buy.
9. Takeung Art Co.,Ltd. (NYSE: TKAT)
Number of hedge fund holders: N/A
Taken Art Co.,Ltd. (NYSE: TKAT) is ranked ninth on our list of the 10 Best NFT Stocks to Buy Right Now. The company is based in Hong Kong. It owns and operates an online platform for artists, art dealers and art investors to trade in artworks in China. As of March of this year, the company’s share price had surged over 900% in a matter of weeks following social media hype surrounding NFT-related stocks. However, in the weeks that followed, the stock began to fall, hitting its bottom in May before bouncing back.
On July 8th, Taken Art Co., Ltd. (NYSE: TKAT) announced that it has entered into an agreement with an institutional investor to raise $5 million in capital through the sale of 571,429 common shares at $8.75 per share.
Of the hedge funds tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder of Taken Art Co., Ltd. (NYSE: TKAT) with 9,859 shares worth more than $335,000.
In addition to Twitter, Inc. (NYSE: TWTR), Cloudflare, Inc. (NYSE: NET) and Mattel, Inc. (NASDAQ: MAT), Takung Art Co., Ltd. (NYSE:TKAT) one of the best NFT stocks to buy right now.
8.ZK International Group Co.,Ltd. (NASDAQ:ZKIN)
Number of hedge fund holders: 3
ZK International Group Co.,Ltd. (NASDAQ: ZKIN) is a Chinese company engaged in the steel business. It ranks eighth on our list of the 10 best NFT stocks to buy right now. On July 21, the company announced that xSigma Corporation, a research and development unit of the company, has completed smart contract development for the launch of a non-fungible token marketplace. The company also announced that the contract had passed an audit by Hashex. The marketplace is scheduled to go live this summer.
ZK International Group Co.,Ltd. (NASDAQ: ZKIN) has a market cap of $81 million and generated more than $86 million in sales last year. It was founded in 2015 and employs more than 350 people. The short interest rate on the stock is 3.88%.
At the end of the first quarter of 2021, 3 hedge funds in Insider Monkey’s database held $1.03 million of shares in ZK International Group Co., Ltd. (NASDAQ:ZKIN), up from 1 in the previous quarter at $1.07 million.
Along with Twitter, Inc. (NYSE: TWTR), Cloudflare, Inc. (NYSE: NET) and Mattel, Inc. (NASDAQ: MAT), ZK International Group Co., Ltd. (NASDAQ:ZKIN) one of the best NFT stocks to buy now.
7. Cinedigm Corp. (NASDAQ:CIDM)
Number of hedge fund holders: 5
Cinedigm Corp. (NASDAQ: CIDM) is a New York-based company that markets film, television and other short-form content. It’s ranked #7 on our list of the 10 best NFT stocks to buy right now. In late April this year, the company announced the launch of Fandor Selects, the first NFT film label that would focus on releasing limited edition classic films. The company was founded in 2000 and has a market capitalization of over US$260 million. The company’s earnings results for the fourth fiscal quarter, released on July 14, beat market expectations on revenue.
On Aug. 2, investment advisor Alliance Global Partners increased its target price on Cinedigm Corp. stock. (NASDAQ:CIDM) to $3.25 from $3.25, maintaining a buy rating, noting that the company is positioned for accelerated growth in the coming months.
Of the hedge funds tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder of Cinedigm Corp with 239,551 shares worth more than $400,000. (NASDAQ:CIDM).
Twitter, Inc. (NYSE: TWTR), Cloudflare, Inc. (NYSE: NET) and Mattel, Inc. (NASDAQ: MAT) are in addition to Cinedigm Corp. (NASDAQ:MAT) some of the best NFT stocks to buy right now. CIDM).
6th Hall of Fame Resort & Entertainment Company (NASDAQ:HOFV)
Number of hedge fund holders: 6
Hall of Fame Resort & Entertainment Company (NASDAQ: HOFV) ranks sixth on our list of the 10 Best NFT Stocks to Buy Right Now. The company is headquartered in Ohio and markets resort and entertainment services. On August 2, the company announced it had signed a partnership with Dolphin Entertainment to launch Playbook, an NFT collectible series that will feature memorable pieces from the careers of six iconic athletes. The company’s share price rose nearly 6.5% after the news broke.
In March, investment advisor Maxim raised its price target for Hall of Fame Resort & Entertainment Company (NASDAQ: HOFV) from $10 to $28, reiterated its buy rating and welcomed the company’s shift to a content ownership model.
At the end of the first quarter of 2021, 6 hedge funds in Insider Monkey’s database held shares in Hall of Fame Resort & Entertainment Company (NASDAQ:HOFV) worth $12.7 million, up from 7 holding $528,000 in the previous quarter -Dollar.
Twitter, Inc. (NYSE:TWTR), Cloudflare, Inc. (NYSE:NET) and Mattel, Inc. (NASDAQ:MAT) are some of the best NFT stocks to buy right now, alongside Hall of Fame Resort & Entertainment Company (NASDAQ:HOFV).
Click here to continue reading and watching The 5 Best NFT Stocks to Buy Right Now.
Suggested articles:
disclosure. none. The 10 Best NFT Stocks to Buy Right Now was originally published on Insider Monkey.
