A Close Look At NFT Stocks

The hottest market sector right now concerns NFTs. Non-fungible tokens, essentially unique digital collectibles, have boomed this year as endorsements from the likes of actress Lindsay Lohan, musician Grimes, and Dallas Mavericks owner Mark Cuban helped them gain wider acceptance and pop-cultural cachet. Just last week, an investor paid $69.3 million for a mosaic of 5,000 artworks. This is fueling the rise in NFT stocks.The fact is that as long Bitcoin keeps rising, NFTs are here to stay. The surge in Bitcoin has created an untold number of millionaires and billionaires. By digitizing the art market on the blockchain, it allows these crypto millionaires to spend their crypto without converting to cash and triggering a taxable event. It allows the investor to diversify their crypto holdings and also delivers bragging rights.The fact is no one should be surprised what is happening with NFTs. A first edition book is worth much more than a third edition. A forgery has no value. The blockchain authenticates and confirms the purchase. There can never be a forged copy because the blockchain address is unique. There's only one.This leads us to where the opportunity lies. Most penny stock investors have just a few thousand dollars to invest, some even less. Buying 1 Bitcoin at $60,000 does not lend itself to much upside. Besides, the easy money has already been made in Bitcoin. Had you invested a few thousand dollars in Bitcoin ten years ago, you'd be a multi-millionaire.The best way to play the NFT boom is with NFT stocks. We are already seeing major moves as investors are jumping on any stock that can be tied to non-fungible tokens. In this article, we take a look at some NFT stocks that are running and our outlook for the non-fungible token space in general.[embed]https://www.youtube.com/watch?v=cd3UdmJeZi4[/embed]

NFT Stocks CWRK

CurrencyWorks (OTCMKTS: CWRK) has been one of the few OTC stocks that have been able to capitalize on the NFT boom for its shareholders. NFT Stocks CWRKEarlier this month, CWRK announced an update to its NFT platform and proprietary NFT payment platform to include amongst other security, transaction speed and settlement features the ability to utilize Bitcoin and Ethereum as payment methods for its NFT customers.CurrencyWorks provided blockchain integrated and payment services in the $100,000 Sell-Out of the Garbage Pail Kids NFT launch for the Topps company. The Garbage Pail Kids Series 1 inventory of NFT digital collectibles consisted of packs of 5 cards for $4.99 and 30 cards for $24.99 as digital trading cards, which can be held in digital wallets or traded.

Cameron Chell, Chairman of Currency Works said, “We believe Digital Collectibles are a new and powerful asset for any brand to engage customers plus fans and increase and drive transactions within a brand’s community. Our product update addresses the exponential growth of the space and the current growing pains in the industry, especially regarding payment processing, KYC AML, and the battling bots flooding demand. We believe our platform and experience offers needed solutions for this rapidly growing industry and look forward to announcing partnerships in both NFT creation, trading, and payment support.”

As a publicly-traded company that builds and operates FinTech Platforms for Digital Currencies, Digital Assets, and Security Tokens, CWRK is the type of OTC stock to look for when it comes to banking on NFTs.

NFT Stocks HOFV

Hall of Fame Resort & Entertainment Company (NASDAQ: HOFV) is running on speculation that the NFL is going to embrace NFTs as the NBA has with its NBA Top Shot. NFT Stocks HOFVHOFV is a resort and entertainment company leveraging the power and popularity of professional football and its legendary players in partnership with the Pro Football Hall of Fame. Headquartered in Canton, Ohio, the Hall of Fame Resort & Entertainment Company is the owner of the Hall of Fame Village centered around the Pro Football Hall of Fame's campus.So far, there has been no word from the company that it is involved with NFTs, although the NFL is in “active discussions” with potential partners to devise a strategy for digital collectibles. In a memo distributed to all franchises, the league told teams that they should not make their own NFT deals without checking with the league first. If HOFV drops an NFT-related PR, the stock will be over $10 in no time with almost 10% of the float short.

NFT Stocks JFIN

Jiayin Group (NASDAQ: JFIN) has so far not indicated if it is involved with NFTs or not, but that hasn't stopped speculator's FOMO. NFT Stocks JFINJiayin is an online individual loan marketplace that seeks to reach underserved customers in China. However, the recent buzz on Twitter has people saying the company could potentially get into the NFT space, although there is no real news pointing to that right now.With a float of just 25 million, JFIN is being driven by the Wall Street Bets Reddit crowd.

NFT Stocks OCG

Oriental Culture Holding (NASDAQ: OCG) is another Chinese play with just 14 million shares in the float. NFT Stocks OCGWhile OCG hasn't yet released any news on its NFT initiatives, the company does operate an online platform to facilitate e-commerce of artwork trading in China. The company facilitates trading by individual customers of various kinds of collectibles, artworks, and commodities on its online platforms. It also offers online and offline integrated marketing, storage, and technical maintenance services, as well as industry solutions and related software products and system development services.As of June 30, 2020, the company provided services for the online trading of 140 types of collectibles, artworks, and commodity products, including stamps, coins, postage seals, collectible cards, paintings, clay teapots, jade sculptures, and teas, and similar products.

NFT Stocks TKAT

Takung Art Co., Ltd. (NYSEAMERICAN: TCAT) is similar to OCG in that it's a Hong Kong company in the art space. As you can see from the chart below, TKAT has been one of the top winners of 2021 after running over 3000% since January 4. NFT Stocks TKATTKAT also operates an electronic online platform for artists, art dealers, and art investors to offer and trade in valuable artwork primarily in the People's Republic of China. Its electronic online platform is located at www.takungae.com.The company offers online listing and trading services that allow artists/art dealers/owners to access the art trading market where they can engage with a range of investors. Its platform offers and trades in various artwork, such as calligraphy, paintings, sculptures, crafts, jade, jewelry, metalware, ceramics, and antique furniture. The company serves traders, original owners, and offering agents.TKAT has an even smaller float than JFIN and OCG with just 5.97 million shares.

NFT Stocks ZKIN

ZK International Group (NASDAQ: ZKIN) has a new NFT marketplace, which will allow users in the community to buy and sell NFTs, as well as to create their own custom NFTs in a few clicks. NFT Stocks ZKINThe company's xSigma subsidiary plans to use multiple blockchains behind the platform, such as Ethereum and Polkadot. xSigma plans to attract various artists and talents on an exclusive basis to its platform. Previously, xSigma was able to attract NBA Champion Dwight Howard, to endorse its DeFi project and it hopes that the new marketplace will be able to attract similar celebrities to its new NFT Platform.The NFT Platform will be the fourth project in xSigma's ecosystem of blockchain products to be implemented and launched later this year. Currently, xSigma's DeFi project was launched in February and successfully reached $100 M of Total Value Locked in the first week.ZKIN has a current market cap of just $193 million and only 11.27 million shares in the float.

BOTTOM LINE

As we keep saying, there are always opportunities in the markets and it’s our job to find winning penny stocks to buy. Huge gains can be made in such a short amount of time.If you like any of these NFT stocks and have missed the move, our best advice is to be patient and throw bids in below the market. Buying dips and selling rips as swing trades remains the best strategy in these markets.It’s also important to look for NFT stocks that have yet to run. Whenever a sector gets hot, there will be plenty of penny stocks looking to capitalize on the FOMO with press releases and pivots towards NFTs. Our job is to separate the real deals from the BS for our subscribers.Remember, all it takes is one or two to become a winner and you’ve crushed the market indices for the year.As always, good luck to all (except the shorts)!

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Disclosure: We have no position in any of the securities mentioned. We wrote this article ourselves and it expresses our own opinions. We are not receiving compensation for it. We have no business relationship with any company whose stock is mentioned in this article. Insider Financial is not an investment advisor and does not provide investment advice. Always do your own research and make your own investment decisions. This article is not a solicitation or recommendation to buy, sell, or hold securities. This article is meant for informational and educational purposes only and does not provide investment advice.Image by xresch from Pixabay