Lazy journalism can lead to the spread of misinformation. Many people believe Mark Twain once said, "The reports of my death have been greatly exaggerated." The actual quote was "The report of my death was an exaggeration." While this misquote was a minor example, that still captured the essence of Twain's words, a recent WSJ article claiming the NFT market is "collapsing" is much further off base.
In fact, the reports of its death are greatly exaggerated. The report citing cherry-picked data left out several major components of the market.
OpenSea, the largest NFT marketplace, now regularly brings in more than $10 million in revenue daily compared to averages of $6 to $7 million in November 2021. The exchange also registered its second-highest daily trading volume at the start of April, making $19.7 million in less than 24 hours.
Bored Ape Yacht Club creator Yuga Labs conducted the largest NFT sale in history. The drop, consisting of over 55,000 land plots for its upcoming Metaverse game Otherside, brought in over $310 million in initial sales. Less than a week since launch, the collection has exceeded $700 million in trading volume across more than 27,000 sales.
The article also excluded the second and third most active chains for NFT trading, Solana which processed over 21,000 NFT transactions in 24 hours on Wednesday making up $7.3 million in trading volume and Polygon which facilitates over $1 million worth of NFT trades daily.
Luckily for savvy investors, there are many stocks undervalued at the moment due to this flawed sentiment. Here are several NFT stocks to research now before the crowd catches on.
American Leisure Holdings, Inc. (OTCMKTS: AMLH) is seeing major interest since announcing its entry into the NFT/Metaverse marketplace with the acquisition of Baller Mixed Reality. AMLH's opportunity to innovate in this space is evident:
$25 Billion worth of NFT sales recorded in 2021 (Reuters)
The Global Collectibles Market is valued at $412 billion in 2021, projected to reach $692.4 billion by 2032. (Market Decipher)
The fastest-growing sectors include sports memorabilia, NFT, and Toy Collectibles.
BallerMixedReality.com shows impressive 3D-AR technology that could turn the collectibles market on its head. AMLH CEO Adrian Patasar noted, "The acquisition of Baller Mixed Reality is a cornerstone investment for American Leisure Holdings, and an important part of our strategy to amass strategic holdings in the Web 3.0 sector."
The quote seems to indicate more potential market-moving acquisitions in the company's future.
Dolphin Entertainment (NASDAQ:DLPN) - Premium content producer and entertainment marketing leader Dolphin Entertainment may be a company that may be of interest to investors at this point in time. The company was in the news back on April 25 when it had submitted a notification with regards to its late filing on a Form 12b-25. In the submission, it was indicated that its submission of the financial results on Form 10-K is going to be late.
The financial results were for the period that ended on December 31, 2021. However, the submission also had a consequence. The company was also sent a notification by Nasdaq with regards to the fact that it was no longer compliant with the exchange's listing rules.
Oriental Culture Holding Ltd (NASDAQ:OCG) - For the FY2021, the company's operating revenues grew by 115.6% from $17.4 million in the fiscal year 2020 to $37.6 million. Gross profit stood at $35.2 million in 2021 as compared to $14.8 million in 2020, representing a 137.7% growth from the same period in 2020. Net income stood at $11.4 million in 2021, a jump of 458.8% or $9.4 million from $2.0 million over the same period of 2020.
ZK International Group Co Ltd (NASDAQ:ZKIN) - Another company worth looking into this morning could be of ZK International Group Co Ltd, which is based out of China. There has not been any news about the company for quite a while but it may be a good time to perhaps take look into a key announcement back on March 31. At the time ZK International announced that it was going to launch a share repurchase programme in order to buyback some of the common shares.
Such announcements are almost always welcomed wholeheartedly by investors. The company's board had approved plans for buying back shares worth as much as $1 million over a period of 12 months. It was noted that the shares would be picked up at the existing market price.
Takung Art Co Ltd (NYSEAMERICAN:TKAT) - Takung Art Co Ltd is the company that completes this list of stocks. The company operates an online trading platform for collectibles and fine art and last Friday it made a key announcement.
At the time, the company announced that it had decided to launch its own NFT website named www.nftoeo.com. By way of this website, it will be possible for investors as well as art collectors to discover, buy and sell digital art products. It was a major new development for the company and one that could have a significant effect on its future.
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