Are These Top NFT Stocks Worth Investing In?
Recent trends in the broader stock market include today NFT Shares. Essentially, NFT is short for non-fungible token. For the uninitiated, NFTs are a means of digitizing rare collectibles ranging from music and art to rare goods. In theory, this allows creators to monetize their work both physically and digitally. Now the technology behind the NFT industry is the same technology that powers the Ethereum blockchain. Therefore, the level of security in NFTs is quite remarkable.
Given all of this, how relevant are NFT stocks now? Well, as with most hot consumer trends, investors and organizations are more than eager to get involved. This is why companies of all sizes continue to enter the NFT world. For example, we could look at such Visas (NYSE:V) and Shopify (NYSE:SHOP). While their businesses may be different, both companies have recently been making waves in the NFT space. On one side, Visa bought a $150,000 NFT with plans to better understand the inner workings of NFTs before offering related consumer services. On the other hand, Shopify now allows select merchants to sell NFTs, providing a mainstream platform for NFT enthusiasts.
Although cryptocurrencies like Bitcoin (BTC) are subject to volatility, interest in their underlying blockchain technology remains high overall. In fact, even up-and-coming names in the NFT space like it Vinco Ventures (NASDAQ:BBIG) are now involved in meme stock trading. This is evident as BBIG stock is currently up over 700% year-to-date. With all that said, here are three top NFT stocks to consider in the stock market right now.
The best NFT stocks to watch today
dolphin entertainment
For starters, we’ll take a look dolphin entertainment (DLPN). In short, DLPN is an independent entertainment marketing and premium content development company. The Company operates primarily through its major subsidiaries 42West, The Door and Shore and Fire Media. Namely, DLPN provides strategic marketing and advertising services for top brands around the world. The Company’s current client base includes the film, television, music, gaming and hospitality industries, among others. Apart from that, DLPN also offers creative branding, production, social media and influencer marketing services. All of this could make DLPN a go-to place for businesses looking to build their brand in today’s digital world.
Well, while that’s all great, the company also has its own NFT division. Such help their clients in the creation, management and marketing of NFTs. Ideally, this would provide DLPN with a more comprehensive suite of marketing services given the current NFT craze. Just last month, the company launched an NFT marketplace in partnership with cryptocurrency exchange operator FTX.US. According to the duo, the marketplace is a “extensive‘ and ‘consumer-centric’ company. Like most NFT stocks today, DLPN stock is poised for monumental year-to-date gains of over 260%.
In addition, DLPN also works hard on the front lines of digital marketing. The company has been working with Fandom since last week. Specifically, Fandom is the world’s largest fan platform and source for “detailed information on pop culture“. Through a collaboration with the DLPN subsidiary 42West, the two now want to carry out extensive promotion activities for fandom. Now that DLPN seems to be in full swing, will you invest in DLPN shares?
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eBay
After that we eBay. If anything, most would be familiar with this major player in the e-commerce space today. Simply put, the California-based company primarily facilitates consumer-to-consumer and business-to-consumer sales. All this is possible thanks to the proprietary website of the same name. More importantly, given the relevance of e-commerce services during the pandemic, EBAY stocks would now be on investors’ radars. As a result, the company’s shares are now up over 150% since their pandemic-era bottom.
Like other well-known names in the industry, eBay continues to accelerate its operations. Such moves include the company allowing NFTs to be sold on its platform earlier this year. Since then, eBay hasn’t let up one bit. As of last week, the company has been actively working with Oregon Ducks football player Kayvon Thibodeaux to offer fans a unique canvas. Overall, given eBay’s scale and reach, I can understand if investors are keen on EBAY stocks now.
In addition, the company released excellent numbers in its latest quarterly report in early August. In it, eBay had total revenue of $2.67 billion for the quarter, up a whopping 14% year over year. Not to mention, the company saw both net income and earnings per share soar over 1,300% year over year. Given all of this, would EBAY stock be a top buy for you?
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cloud flare
Last but not least is cloud flare. Sure, when thinking of the top NFT stocks on the stock market, most wouldn’t consider Cloudflare. However, the company’s Cloudflare Stream service has supported, and continues to support, content creators looking to publish their NFTs. This would additionally help said creators to publish their content regardless of format and video quality.
Aside from being a trailblazer in the NFT space now, Cloudflare also connects a wide range of businesses with consumers. This is thanks in large part to its web infrastructure and website security offerings. As a major player in today’s software-as-a-service industry, many tech investors are familiar with Cloudflare’s core offerings. So much so that NET stock is currently posting year-to-date gains of over 65%. Given the profitability of the company’s services, could NET stock have more room for growth now?
For one, the company appears to be gaining momentum on the financial front. In its second quarter earnings report, the company reported total revenue of $152.43 million. That’s a significant jump of 52% year over year. Overall, CEO Matthew Prince said that Cloudflare’s “strongest quarter ever as a public company“. Prince cited the immense growth in sales and record growth in key accounts as the main reasons for this. All in all, is NET stock an NFT stock worth adding to your portfolio right now?
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
