3 NFT Stocks to Buy Now for March 2022
Otherwise known as non-fungible tokens, theyâ€™re turning digital works of art, photos, selfies, even music into tradeable items on the blockchain.
Sounds boring, right?
That is, until you consider how profitable NFTs have become.
- Beepleâ€™s Ocean Front NFT sold for $6 million.
- Beepleâ€™s Crossroad sold for $6.6 million.
- Pakâ€™s â€œThe Mergeâ€ sold for an incredible $91.8 million.
- An NFT called â€œSave Thousands of Livesâ€ sold for $4.5 million last May.
- CryptoPunk #3100 sold for $7.58 million.
- CryptoPunk #7523 sold for $11.75 million.
Even better, analysts at Jefferies say the NFT market could be worth about $35 billion this year, and about $80 billion by 2025.Â NFTs may even be a bridge to the metaverse, according to Binance, helping to create virtual identity, community, and social experiences.
So, how can you and I profit from these â€œboringâ€ non-fungible tokens?
One way is to trade or even create your own NFTs.Â Or, you can invest in the companies with exposure to the world of NFTs, including:
NFTs: Coinbase Global (COIN)Source: rarrarorro / Shutterstock.com
Coinbase Global will soon launch Coinbase NFT, according to its site.
While itâ€™s not up and running just yet, about 3.7 million people are now on the companyâ€™s waitlist. Even better, Coinbase recently partnered with Mastercard (NYSE:MA), which wants to help simplify the NFT buying experience. According to Mastercard:
Buying digital goods should be as simple as buying a T-shirt or coffee pods on an e-commerce site. You can make your purchase with one click â€” that’s it. Thatâ€™s not the case for many NFTs, or non-fungible tokens. Today, if you want to buy an NFT â€” such as a digital art piece â€” you first need to open a crypto wallet, buy crypto, then use it to purchase an NFT in an online marketplace.
Recent COIN stock earnings were solid.
For its fourth quarter, EPS came in at $3.32, beating estimates for $1.94.Â The company also reported sales of $2.5 billion, beating expectations by 27%.Â Monthly transacting users soared to 11.4 million, outpacing forecasts for 9.7 million.
After finding double bottom support around $160, weâ€™d like to see the stock initially refill its bearish gap around $220. From there, should all go according to plan, the COIN stock could rally to $280.
Defiance Digital Revolution ETF (NFTZ)Source: shutterstock.com/bangoland
One of the best ways to diversify in a growing market at less cost is with an ETF, such as the Defiance Digital Revolution ETF (NFTZ).
If NFTs can become an $80 billion market, this ETF could take off.Â With an expense ratio of 0.65%, investors can own some of the top crypto and NFT companies on market for less than $15 a share, as of March.
NFTs: Funko (FNKO)Source: Lutsenko_Oleksandr / Shutterstock.com
Pop culture product company, Funko recently acquired an ownership stake in TokenWave, a leading mobile app and website for showcasing and tracking NFTs.Â That deal accelerates the companyâ€™s move into NFTs.
In November, Funko partnered with ViacomCBS to launch Digital Pop NFT collectibles featuring Star Trek characters. Insiders have been buying, too.Â In fact, in December, Director Charles Denson bought 99,300 shares of FNKO for $1.7 million.
Earnings have been solid. Net sales increased 40.0% year over year to $267.7 million. Net income increased 17.8% year over year to $18.4 million. Funko also exceeded Q3 expectations and raised full year guidance.
On the date of publication, Ian CooperÂ did not have (either directly or indirectly) any positions in the securities mentioned in this article.Â The opinions expressed in this article are those of the writer, subject to the InvestorPlace.comÂ Publishing Guidelines.
Fundamentals information provided by Fundata Canada Inc.