Investors continue to show a growing interest in NFT as companies with possible connections to the crypto see major movement for shares of their stocks.
If you are not familiar with non-fungible tokens (NFTs), they are a form of cryptocurrency with unique identifiers. This allows them to be used for trading specific pieces of art online. Those tokens can represent both physical and digital art.
Most NFTs make use of the Ethereum (CCC:ETH-USD) platform, but others are cropping up using Cardano (CCC:ADA-USD) and Polkadot (CCC:DOT1-USD) instead.
So How Are the So-Called ‘NFT Stocks’ Doing Today?
Each of these five stocks below has some sort of tie-in to the exploding NFT world, garnering them increased attention from non-risk-averse investors. Here’s how each of them was moving — and why — as of this writing. In no particular order:
NFT Stock #1: Takung Art Co., Ltd. (NYSEAMERICAN:TKAT)
TKAT stock is up 31.7% today.
Takung Art is an online art trading company based out of Hong Kong. The company’s focus on online art trading has investors taking interest in it. While it doesn’t deal in NFTs yet, speculation from investors that it will have been boosting the stock up of late. That has more than 13 million shares of the stock changing hands today compared to a daily average of about 3 million shares.
NFT Stock #2: Dolphin Entertainment Inc (NASDAQ:DLPN)
DLPN stock is up 150.8% today.
The content development and marketing company is seeing shares soar today on news it’s launching an NFT division. This will include offerings from its own brands, as well as those of its clinets. This saw over 65 million shares trade today compared to a daily average of 598,000 shares.
NFT Stock #3: Liquid Media Group Ltd (NASDAQ:YVR)
YVR stock is up 44% today.
The boost in the price for YVR stock comes after the company completed a direct offering. While it doesn’t deal in NFTs right now, investors are hoping it will through a connection to Atari. That’s seen more than 89 million shares trad as compared to the stock’s daily average volume of 4 million shares.
NFT Stock #4: Oriental Culture Holding Ltd (NASDAQ:OCG)
OCGN stock is down 11.9% today.
There’s no specific news behind the movement for OCG stock today. It’s been a target of investors looking to jump on the NFT bandwagon of late and its price could be down as traders exit after seeing major gains the last few days. The company deals in trading art online. More than 12 million shares have traded today compared to its daily average of 6.3 million shares.
NFT Stock #5: Integrated Media Technology Ltd (NASDAQ:IMTE)
IMTE stock is up 14.5% today.
IMTE is taking a beating after announcing a direct offering this morning. This has it selling 708,000 shares of its stock for a price of $6.50 per share. The company’s main business is creating glasses-free 3D displays and it currently isn’t connected to NFTs. Over 12 million shares have traded today compared to its daily average of 1.7 million shares.
Investors can’t seem to get enough of NFTs as the interest in crypto continues to skyrocket. Those wanting to dive in and learn more about the topic are in luck. InvestorPlace.com has a wealth of coverage on NFTs worth looking into. You can find some starting points below.
More NFT News
- NFT Stocks: Why JFIN, HOFV and TKAT Stocks Are Racing Higher
- HOFV Stock: Hall of Fame Resort Stock Crosses $5 as Shares Surge Monday
- 8 Hottest Recent NFT Sales: $69 Million Beeple NFT Tops the List
With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: Penny Stocks — How to Profit Without Getting Scammed
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.