Non-fungible tokens continue to captivate investors, and the search for NFT stocks continues. Takung Art (NYSEMKT:TKAT), Jiayin Group (NASDAQ:JFIN) and Hall of Fame Resort & Entertainment (NASDAQ:HOFV) have rocketed higher today as part of the speculative frenzy. So what should you know right now?
To start, investors should know that this is not the first time we have seen such speculative moves. Last week, fueled on by Reddit chatter, this same trio of names flew higher. Although these companies have no explicit ties to the realm of NFTs, their business focuses make it likely for them to expand into dealings with the crypto assets. Or at least, that is how the story goes.
Takung Art is an online fine art marketplace that already allows shared asset ownership. Jiayin Group is a little-known marketplace for online finance. Hall of Fame wants to focus on all things that have to do with the NFL… and the NFL is coming up with an NFT strategy. Investors are hopeful to identify NFT stocks now to profit as early as possible, and these three have all come up on web-sleuthing scanners.
But why the renewed interest today?
One possible reason comes from a series of headlines in the NFT world. Jack Dorsey sold his first-ever tweet today for a whopping $2.9 million. Dorsey, the CEO of Twitter (NYSE:TWTR) and Square (NYSE:SQ), is a big-name celebrity giving legitimacy to the digital assets. Time magazine also announced its foray into the NFT space today, with plans to auction off crypto magazine covers. As the rush of attention to NFT sales continues, it makes sense that so too will the flock of investors to NFT stocks.
What to Know About NFT Stocks Today
So what else should you know about NFT stocks today?
The first thing is simply that the momentum in this little-known space is very powerful. TKAT stock is currently up 70%. JFIN stock is up more than 60%, while HOFV stock is up more than 30%. For investors, these big gains are no doubt appealing, as are the big dollar figures attached to high-profile NFT sales.
However, it is important to remember that this is an incredibly speculative space. Try to focus on companies that have more explicit ties to crypto and NFT businesses. Although the stories seem compelling with HOFV, TKAT and JFIN, there is no proven NFT angle yet.
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On the date of publication, Sarah Smith did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Sarah Smith is a Web Content Producer with InvestorPlace.com.
