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Finding the best NFT stocks can be a dizzying prospect.
Digital artwork going for millions of dollars, fashion brands creating digitalized wearables, and auction houses selling blockchain-based artwork; 2021 is likely to go down as a landmark year for nonfungible tokens (NFT).
Billions have exchanged hands in the past year, with people rushing to own digital collectibles. The largest NFT market called, OpenSea, saw more than $13 billion in transaction volume last year alone. Hence, the best NFT stocks have become one of the hottest talking points in the sector.
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Moreover, a report published by Verified Market Research provides a mind-boggling prediction for the market’s future, projecting its value to increase to a whopping $231 billion by 2030.
The market is expected to become a bridge to what is expected to become a trillion-dollar industry in the metaverse. Hence, there’s plenty to love about NFT stocks, which makes them an interesting bet in the long run.
eBay (EBAY)
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eCommerce giant eBay (NASDAQ:EBAY), turned heads earlier this year in May when it announced its foray into the NFT business.
It partnered with OneOf, a leading web3 NFT platform, in releasing a limited edition NFT collection featuring hockey legend Wayne Gretzky. Though eBay’s move into the NFT business may have come as a surprise to many; the platform is perfect for those passionate about trading unique collectibles. Hence, it was essentially a match made in heaven.
Furthermore, a month later, in June, eBay acquired a leading NFT marketplace in Known Origin. eBay calls it an “important step in its tech-led reimagination.”
KnownOrigin has been one of the most popular NFT platforms, giving artists a unique platform to create and sell digital art in exchange for crypto payments. It has facilitated over $7.5 million worth of NFT transactions since its inception in 2018.
For eBay, moving into the NFT space could be a business masterstroke. With over 140 million buyers worldwide, the sky is the limit for eBay in its NFT endeavors.
Funko (FNKO)
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Funko (NASDAQ:FNKO) is the top collectible toy maker, boasting an incredible track record in growing its top and bottom-line results.
In March last year, its Chief Creative Officer Brian Mariotti talked about how Funko is the only company that could create a rare physical product and then tie it to a rare NFT. The ability to tie NFTs with physical products and leverage its massive fan base in the process sets Funko apart from its peers.