Finding the best NFT stocks can be a dizzying prospect.
Digital artwork going for millions of dollars, fashion brands creating digitalized wearables, and auction houses selling blockchain-based artwork; 2021 is likely to go down as a landmark year for nonfungible tokens (NFT).
Billions have exchanged hands in the past year, with people rushing to own digital collectibles. The largest NFT market called, OpenSea, saw more than $13 billion in transaction volume last year alone. Hence, the best NFT stocks have become one of the hottest talking points in the sector.
Moreover, a report published by Verified Market Research provides a mind-boggling prediction for the market’s future, projecting its value to increase to a whopping $231 billion by 2030.
The market is expected to become a bridge to what is expected to become a trillion-dollar industry in the metaverse. Hence, there’s plenty to love about NFT stocks, which makes them an interesting bet in the long run.
eCommerce giant eBay (NASDAQ:EBAY), turned heads earlier this year in May when it announced its foray into the NFT business.
It partnered with OneOf, a leading web3 NFT platform, in releasing a limited edition NFT collection featuring hockey legend Wayne Gretzky. Though eBay’s move into the NFT business may have come as a surprise to many; the platform is perfect for those passionate about trading unique collectibles. Hence, it was essentially a match made in heaven.
Furthermore, a month later, in June, eBay acquired a leading NFT marketplace in Known Origin. eBay calls it an “important step in its tech-led reimagination.”
KnownOrigin has been one of the most popular NFT platforms, giving artists a unique platform to create and sell digital art in exchange for crypto payments. It has facilitated over $7.5 million worth of NFT transactions since its inception in 2018.
For eBay, moving into the NFT space could be a business masterstroke. With over 140 million buyers worldwide, the sky is the limit for eBay in its NFT endeavors.
Funko (NASDAQ:FNKO) is the top collectible toy maker, boasting an incredible track record in growing its top and bottom-line results.
In March last year, its Chief Creative Officer Brian Mariotti talked about how Funko is the only company that could create a rare physical product and then tie it to a rare NFT. The ability to tie NFTs with physical products and leverage its massive fan base in the process sets Funko apart from its peers.
Funko launched its NFTs called Digital Pop! last year and partnered with leading NFT marketplace Droppp. The partnership enabled Funko to create the Funko Digital Pop! community, which continues to grow at an exceptional pace.
Additionally, it acquired an NFT platform called TokenWave, which boasts a massive visitor base. Also, it purchased a collectibles business Mondo, to further improve its digital repertoire. These moves will likely add incredible value to Funko’s top-line growth as we advance.
Dolphin Entertainment (DLPN)
Dolphin Entertainment (NASDAQ:DLPN) operates a premium content development business that focuses on providing publicity and marketing services. It’s one of the first companies to start a dedicated NFT division called Dolphin Digital studios. Through the division, it helps various brands launch and market NFTs.
Moreover, it has partnered with top crypto exchange firm FTX.US to develop large-scale NFT marketplaces targeted at sports and entertainment. Also, it announced Creature Chronicles: Exiled Aliens and the Olympics Winter Sports Champions NFT collection recently.
NFTs are likely to be a major part of Dolphin’s long-term success. Its overall business has been remarkably successful, with its five-year average revenue growth at an amazing 90.4%.
Additionally, it trades at just 0.92 times forward sales, making it one of the best investments at this time. As we advance, its 2.0 initiatives could usher in the business’s growth phase. In addition to a recurring income stream from its clients, it will also be looking to receive an equity stake.
On the date of publication, Muslim Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines