Each of the stocks in the list below moved higher this week, likely related to trader talk on social media that they are non-fungible token plays. Benzinga has been unable to confirm whether some of these names have any direct attachment to NFTs.
Some of these names are related to online platforms for art. The art industry has been a rather early adopter of NFT usage; however, many of these companies have never mentioned NFTs, and any indication a company will be using NFTs as a medium for art is only speculation.
Stocks with a direct connection to NFTs (or phrase "non-fungible token" has been mentioned by company exec):
- Dolphin Entertainment DLPN - On Tuesday, the company announced the launch of an NFT creation and marketing unit.
- ZK International ZKIN - The company announced its subsidiary, xSigma, launched its NFT platform on Ethereum ETH/USD and polkadot blockchains.
- PLBY Group PLBY - Playboy CEO Ben Kohn, at a recent Roth Capital conference, highlighted the opportunity for the company to utilize NFT technology given its huge portfolio of photographs and digital assets. Kohn indicated the NFT opportunity is substantial enough that Playboy decided to handle it internally. Kohn said he could not share any further details.
- Funko FNKO - Funko's CEO said its management is "excited" about NFTs and has "a plan in place ... to be in the market fairly soon. We have the ability to disrupt the non-fungible token market in a way that nobody else is doing right now." The company currently has no exposure to NFTs.
Stocks with no direct connection to NFTs (or "non-fungible token" has never been mentioned by company exec in print):
- Liquid Media YVR - No direct connection to NFTs. A company spokesperson told Benzinga the company "has not made any announcements about entering the NFT market."
- Lion Group Holding LGHL - No direct connection to NFTs. A February press release from the company said it would be working with Grandshores Technology to provide blockchain technology support and digital asset platforms.
- Takung Art TKAT - No direct connection to NFTs. The company is an operator of an online electronic platform for offering and trading artwork. On March 18, the company issued a statement that said "it not aware of any material developments that would account for recent trading volume."
- While some may consider an online electronic platform for artwork to be related to NFTs, the company has never mentioned the phrase "non-fungible tokens."
- Mercurity Fintech MFH - No direct connection to NFTs. The company is a provider of digital asset trading infrastructure solutions based on internet and blockchain technologies. The company has never publicly mentioned the phrase "non-fungible tokens."
- Global Internet of People SDH - No direct connection to NFTs. A profile of the company does not mention the company is related to digital assets in any way. The company calls itself a provider and consultant for an "internet intelligence platform."
- Leaf Group LEAF - No direction connections to NFTs. The company owns Saatchi Art, an online art gallery. Saatchi has never indicated it will use NFT.
- A BTIG analyst issued a note initiating coverage on Leaf with a Buy rating and said: "We believe LEAF is working to take advantage of the opportunity NFTs present. While we can only guess at its potential plans, the logical route would be to form a marketplace for the buying and selling of NFTs."
- Kuke Music KUKE - No direct connection to NFTs. The company provides classical music licensing and education services in China.
- Greenpro Capital GRNQ - No direct connection to NFTs. The company is a provider of business solutions, including cloud system resolution, financial consulting services and corporate account services. The company invests in CryptoSX, a digital assets exchange that allows issuers to tokenize, investors to buy, sell digital assets. While this seems to be tangential to NFT, the company has never specifically used the phrase "non-fungible tokens."
- Monaker Group MKGI - No direct connection to NFTs. The company is a technology-driven travel and logistics company. The company holds an indirect ownership stake in an Initial Coin Offering crypto portal.
- GigaMedia GIGM - No direct connection to NFTs. The company is a publisher of online games.
- Creatd CRTD - No direct connection to NFTs. The company owns a technology platform that allows creators of blogs, podcasts, etc with storytelling tools and opportunities to monetize their content.
- SRAX Inc SRAX - No direct connection to NFTs. An NFT aficionado, Brock Pierce, recently joined the company's board. SRAX has never specifically mentioned anything about NFTs in print.
Also note each of these stocks can be generally referred to as a "low-float stock," having under 30 million shares in their float. Low-float stocks are more susceptible to manipulation by traders.
Visit Benzinga's Crypto Homepage - 1,000,000+ depend on Benzinga Crypto every month
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.