Are These Top NFT Stocks Worth Investing In Now?
Among the newer trends in the broader stock market today are NFT stocks. In essence, NFT is short for non-fungible tokens. For the uninitiated, NFTs are a means of digitizing rare collectibles ranging from music and art to rare merchandise. In theory, this allows creators to monetize their work both physically and digitally. Now, the tech behind the NFT industry is the same tech that maintains the Ethereum blockchain. As such, the level of security when it comes to NFTs is rather notable.
Given all of this, how relevant are NFT stocks now might you ask? Well, like most hot consumer trends, investors and organizations alike are more than eager to get involved. Because of this, companies of all sizes continue to make their entrance into the NFT world. For example, we could look at the likes of Visa (NYSE: V) and Shopify (NYSE: SHOP). Although their businesses may be different, both companies made waves in the NFT space recently. On one hand, Visa purchased 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 more mainstream platform for NFT enthusiasts.
Overall, while cryptocurrencies like Bitcoin (BTC) face volatility, interest in the underlying blockchain tech around them remains high. In fact, even upcoming names in the NFT space like Vinco Ventures (NASDAQ: BBIG) are now involved in the meme stock trade. This is evident seeing as BBIG stock is currently up by over 700% year-to-date. With all that said, here are three top NFT stocks to consider in the stock market now.
Best NFT Stocks To Watch Today
- Dolphin Entertainment Inc. (NASDAQ: DLPN)
- eBay Inc. (NASDAQ: EBAY)
- Cloudflare Inc. (NYSE: NET)
Dolphin Entertainment
For starters, we will be taking a look at Dolphin Entertainment (DLPN). In brief, DLPN is an independent entertainment marketing and premium content development firm. The company mainly operates via its major subsidiaries 42West, The Door and Shore, and Fire Media. Namely, DLPN provides strategic marketing and publicity services to top brands across the globe. The company’s current clientele includes but is not limited to the film, television, music, gaming, and hospitality industries. Aside from that, DLPN also offers creative branding, production, social media, and influencer marketing services as well. All of this could make DLPN a go-to for companies looking to build their brand in today’s digital world.
Now, while all that is great, the company also boasts its own NFT division. The likes of which help its clients create, manage, and market 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 collaboration with cryptocurrency exchange operator, FTX.US. According to the duo, the marketplace is a “large-scale” and “consumer-facing” venture. As with most NFT stocks today, DLPN stock is looking at monumental year-to-date gains of over 260%.
In other news, DLPN is also hard at work on the digital marketing front. As of last week, the company is now working with Fandom. Notably, Fandom is the world’s largest fan platform and source for “in-depth information on pop culture”. Through a collaboration with DLPN’s 42West subsidiary, the pair are now looking to execute comprehensive publicity efforts for Fandom. With DLPN seemingly kicking into high gear now, will you be investing in DLPN stock?
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eBay
Following that, we have 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 of this is possible thanks to its proprietary website of the same name. More importantly, EBAY stock would be on investors’ radars now given the relevance of e-commerce services throughout the pandemic. Accordingly, the company’s shares are now looking at gains of over 150% since its pandemic era low.
Like other notable names in the industry, eBay continues to pick up the pace with its operations. Among such moves would be when the company allowed NFTs to be sold on its platform as of earlier this year. Since then, eBay has not slowed down in the least bit. As of last week, the company is actively working with Oregon Ducks football player, Kayvon Thibodeaux to offer fans a one-of-a-kind canvas. By and large, with the scale and reach of eBay’s operations, I can understand if investors are keen on EBAY stock now.
On top of all that, the company also posted stellar figures in its latest fiscal quarter report in early August. In it, eBay raked in total revenue of $2.67 billion for the quarter, marking a sizable 14% year-over-year increase. Not to mention, the company also saw both its net income and earnings per share skyrocket by over 1,300% year-over-year. Given all of this, would EBAY stock be a top buy for you?
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Cloudflare
Last but not least is Cloudflare. Sure, when thinking of the top NFT stocks in the stock market, most would not consider Cloudflare. However, the company’s Cloudflare Stream service has and continues to support content creators looking to publish their NFTs. This would be on top of helping said creators publish their content regardless of format and video quality.
Aside from being an enabler in the NFT space now, Cloudflare also connects a wide array of businesses towards consumers. For the most part, this is thanks to its web infrastructure and website security offerings. As a major player in the Software-as-a-Service industry today, many tech investors would be familiar with Cloudflare’s core offerings. So much so that NET stock is currently sitting on gains of over 65% year-to-date. Given the viability of the company’s services now, could NET stock have more room to grow moving forward?
For one thing, the company appears to be gaining momentum on the financial front. In its second-quarter earnings report, the company posted total revenue of $152.43 million. This marks a significant 52% year-over-year jump. Overall, CEO Matthew Prince said that this was Cloudflare’s “strongest quarter ever as a public company”. Prince cited immense revenue growth and record large customer growth as the main contributors to this. All things considered, is NET stock an NFT stock worth adding to your portfolio now?
