Are These The Best NFT Stocks To Buy This Week?
As investors continue to debate the viability of investing in cryptocurrencies, non-fungible tokens (NFTs) are in a unique position. Thus, this would place NFT stocks in a similar situation in the stock market today. If you have been keeping up with stock market news this year, you would have heard of NFTs. Now, for the uninitiated, NFTs are essentially digital collectibles. Through the security of blockchain tech, NFTs allow collectors to possess one-of-a-kind digital versions of real-world valuables. This can range from trading cards and sports souvenirs to even songs and art. Simply put, it provides a whole new dimension to the world of rare collectibles. As such, both organizations and investors could be keeping an eye on the NFT market now.
For instance, we could look at PLBY Group (NASDAQ: PLBY). With over half a decade’s worth of content, the media and lifestyle company would have plenty of viable NFTs to offer. This would be the case given its PlayBoy magazine and related assets. Elsewhere, early adopters of the NFT trend are still holding on to significant gains. Take Takung Art (NYSE: TKAT) for example. The Hong Kong-based company essentially acts as an international fine arts market that now offers NFTs. Over the past year, the company’s shares are still sitting on gains of over 650%. This is despite the cooldown in NFT hype earlier this year.
By and large, the long-term viability of NFTs could be worth noting. After all, it appeals to collectors via the same secure aspect of cryptocurrencies, blockchain tech. Having read all this, you might be interested to invest in some NFT stocks yourself. In that case, here are three to consider in the stock market now.
Top NFT Stocks To Buy [Or Sell] In August 2021
- Shopify Inc. (NYSE: SHOP)
- Dolphin Entertainment Inc. (NASDAQ: DLPN)
- Funko Inc. (NASDAQ: FNKO)
Shopify Inc.
To begin with, we will be taking a look at e-commerce giant Shopify. In brief, the company primarily serves businesses of varying sizes via its e-commerce platform of the same name. Through Shopify, merchants can set up customized storefronts and have access to a comprehensive suite of retail point-of-sale systems. Similar to its peer eBay (NASDAQ: EBAY), the company is also now operating in the NFT space.
Diving right into it, the company currently allows eligible merchants to sell NFTs via its platform. In late July, the NBA’s Chicago Bulls launched its first-ever NFT through Shopify. The likes of which include digital artwork of NBA championship rings. According to Shopify’s VP of merchant services, Kaz Nejatian, the NBA team sold all of its NFTs within the first 90 seconds. Nejatian also explains that the NFT buying experience outside of Shopify “isn’t awesome for anyone right now”. This would be due to buyers and sellers having to go through independent NFT marketplaces where validity can be an issue at times. Overall, Shopify aims to make the NFTs more readily available to consumers via its platform.
For the most part, this would be a strategic play on the company’s end. Not only does it offer its merchants more streams of revenue, but it is also incentivizing the further adoption of NFTs. Ideally, all of this could serve to further bolster Shopify’s user base across the board moving forward. 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 now would be Dolphin Entertainment. In essence, Dolphin is a leading independent entertainment marketing and premium content development company. The company operates via its three core subsidiaries, 42West, The Door, and Shore Fire Media. Through all of these brands, Dolphin provides strategic marketing and publicity services to corporate and individual brands. Regarding its NFT-related work, the company works via its NFT division, Dolphin Digital Studios (DDS).
With DDS, Dolphin designs, produces, distributes, and promotes both its own and clients’ NFTs. Namely, the NFTs being marketed via DDS include clients within the film, gaming, music, and tech industries among others. More importantly, DLPN stock is also among the earliest adopters of the tech in the stock market. Year-to-date, the company’s shares have more than tripled in value. Despite all of this, Dolphin does not appear to be slowing down anytime soon.
In fact, the company is now working with West Realm Shire Services to establish “large-scale consumer-facing NFT marketplaces”. Subsequently, these marketplaces will be employed 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 view 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 for you now?
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Funko Inc.
Following that, we have 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. To highlight, Funko’s is widely known for its Funko Pop collectible figurines. Thanks to its massive partner network, the company offers consumers a wide array of Funko Pops relating to pop culture. As you can imagine, the company’s wares are already popular among collectors today. Likewise, FNKO stock appears to be gaining traction among investors as well. The company’s shares are currently sitting on gains of over 220% in the past year.
On top of all that, Funko is also making plays in the NFT world now. Just last week, the company launched its first NFT pack starting from $9.99. Through these “Digital Pop!” packs, buyers who reveal rarer collectibles can redeem them for free physical merchandise from Funko as well. All in all, it seems like Funko is making the most of both the physical and digital spaces to further drive its growth.
While all this is great, the company also seems to be kicking into high gear on the financial front. In its latest quarter fiscal posted last week, Funko saw green across the board. Notably, the company’s total revenue for the quarter skyrocketed by over 140% year-over-year. Furthermore, Funko also reported massive year-over-year surges of 230% in net income and 132% in cash on hand. With the company firing on all cylinders now, 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.
