Investors may want to keep an eye on NFT (non-fungible token) stock.
As we near development of the metaverse, the stock could see higher highs, especially with its potential NFT (non-fungible tokens). After all, according to Binance, NFTs “are the bridge to the metaverse, and facilitate identity, community, and social experience.”
Binance added, “The metaverses and NFT blockchain gaming will become an integral part of Web 3.0, an era where real-world businesses expand into the digital space, and users uncover the versatility of such environments. We believe that NFT ownership is key and will open up a world of opportunities in the emerging metaverses.”
Look at Coinbase (COIN), for example.
While COIN doesn’t have exposure to NFTs, the company recently announced its NFT market will go live in 2022.
“At Coinbase, we want to help pull all the pieces of identity together — essentially creating an identity on-ramp into the Metaverse. That’s the idea behind our work with ENS, which makes it possible to create a unique username NFT that resolves to a wallet. Eventually, this will allow users to carry a unique ID across different worlds in the Metaverse.”
Plus, with 8.8 million users to date, it has a solid advantage over competitors, like OpenSea, which has about 1.8 million users. Better, analysts at JP Morgan just upgraded the stock to a buy rating, with a price target of $447.
Or, take a look at Gamestop Corp. (GME).
GME may be launching a division to develop an NFT and cryptocurrency marketplace.
“GameStop is in a very unique position, because a lot of these NFT projects are starting to add gaming utility behind the NFTs themselves,” said Adam Hollander, an NFT investor and creator of the “Hungry Wolves” NFT collection, as quoted by CNBC. “GameStop is well positioned, in my opinion, to be able to capitalize on the fact that they have hundreds of millions of people that play video games that least recognize GameStop as a credible brand.”
Or, look at an ETF such as the Defiance Digital Revolution ETF (NFTZ).
At $16.45, with an expense ratio of 0.65%, the NFTZ ETF is “NFTZ is an NFT ETF with relevant thematic exposure to a range of NFT stocks, involved in Non-Fungible Tokens , blockchain and cryptocurrency – together forming the ecosystem in which NFTs thrive. It seeks to track the performance before fees and expenses of a rules-based, weighted Index of such equities.”
With it, investors have exposure to stocks such as Coinbase Global, Draftkings, Voyager Digital, Block Inc., Hive Blockchain Technologies, Cloudflare Inc., Cleanspark Inc., Riot Blockchain, Mogo Inc., Bigg Digital Assets, and dozens more.