3 NFT Penny Stocks to Watch With Elon Musk Pushing TWTR Stock Higher
Are penny stocks worth buying? That’s a question that a lot of people are asking right now. While both the stock market and penny stocks can be up and down, knowing what is going on is a crucial step to profiting. Right now, there are several issues at play. This includes the ongoing conflict in Ukraine, rising interest rates in the U.S., and more.
And because of this, the stock market is showing an extremely high rate of volatility. While this may seem scary at first, volatility can be useful to traders. This is because it can create buying and selling opportunities. A good example of this is the volatility we’re seeing today with Twitter Inc. (NYSE: TWTR) and Tesla Inc. (NASDAQ: TSLA).
As a result of Elon Musk announcing a $3 billion stake in Twitter, shares of TWTR stock shot up in the double digit percentage points. This is just one example of how volatile the stock market is. However, it’s important to remember that stocks are not a one-way street. They can go up, but they can also go down. So always do your research first before investing in penny stocks.
What Are NFTs?
Non-Fungible Tokens, or NFTs, are a newer digital asset that is garnering a lot of attention in the both the stock market and the investing ecosystem. NFTs are unique in that they cannot be interchangeable like other types of digital assets, such as stocks or cryptocurrencies.
Essentially, they provide digital ownership over files such as artwork, animations, and everything in between. NFTs have the potential to revolutionize how we interact with digital assets and could present a new way for investors to buy and sell artwork. Because they can be traded like stocks, NFTs already have dedicated exchanges, and a large fan base. With this basic understanding, let’s take a look at three NFT penny stocks that you should add to your watchlist right now.
3 NFT Penny Stocks to Add to Your Watchlist Right Now
- Takung Art Co. Ltd. (NYSE: TKAT)
- Hall of Fame Resort & Entertainment Co. (NASDAQ: HOFV)
- Liquid Media Group Ltd. (NASDAQ: YVR)
Takung Art Co. Ltd. (NYSE: TKAT)
One of the biggest gainers of the day so far is TKAT stock. By midday, shares of TKAT stock had shot up by over 30%. In the past five days, shares of TKAT have shot up by over 90%, which is quite substantial. And if that isn’t enough, in the past month TKAT has climbed up by more than 123%. So, what is Taking Art Co’s role in the NFT space?
Well, the company works in China, and offers fine art collecting and trading platforms. This allows young artists to sell and promote artwork. The company also operates through its wholly owned subsidiary, Hong Kong Takung Art Company Ltd. as well as its two other wholly-owned subsidiaries in both Shanghai and Tianjin. The most recent news from the company came on January 7th when it announced a management update.
“We are delighted to welcome Mr. Wang to our executive team; appointment of him will drive our expansion in the NFT sector. He brings a diverse, yet applicable, set of skills and a rich of track record of building innovative digital platforms, which is essential in solidifying Takung’s position in the highly profitable marketplace of digital goods and currency.”The CEO of Takung, Mr. Kwok Leung Li
Considering this, will TKAT be on your penny stocks watchlist?
Hall of Fame Resort & Entertainment Co. (NASDAQ: HOFV)
By midday, shares of HOFV stock had shot up by over 7%. This is a substantial gain for the company and comes as HOFV is historically an NFT penny stock. In the past month, we’ve seen a solid bullish gain for the company with over 30% in gains. After a six month drop of more than 50%, this bullish movement is a welcome advancement. If you’re not familiar, Hall of Fame is an entertainment company that uses its relationship with the Pro Football Hall of Fame to offer its Hall of Fame Village, and more.
A few months ago, big news came when the company announced that it would be working on new NFT projects. This concerns the growing market for collectibles in the sports industry. And while we haven’t heard much from this in the past few months, there’s no doubting that investors associate Hall of Fame & Resort & Entertainment Co.
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The most recent news from the company came on March 24th, 2022 when the company announced the signing of a lease with Build-A-Bear Workshop Inc. This brand will open a store in the Fan Engagement Zone of the Hall of Fame Village in late 2022. With all of this exciting news in mind, does HOFV deserve a spot on your list of penny stocks to buy?
Liquid Media Group Ltd. (NASDAQ: YVR)
With over 35% in gains at midday, YVR stock is exploding alongside the other NFT stocks. While shares of YVR are down by around 28% in the past six months, over the last one month period, we’ve seen YVR stock skyrocket by over 71%. The most relevant recent news from Liquid Media came on March 8th. On the 8th, the company announced the acquisition of Digital Cinema United.
“We are extremely pleased to have reached this milestone, and to welcome the talented DCU team to the Liquid Media family of companies. DCU’s established clientele expands the reach of our full solution offering, and supercharges our digital service infrastructure (phase III). With best-in-class existing services and global reach, we share a vision of the bigger picture of distribution that we are excited to bring to the market.”The CEO of Liquid Media, Ronald Thomson
If you’re not familiar, Liquid Media is a business solutions company that offers tools for creators in everything from film to TV and video games. In addition, the company has developed a blockchain framework with Eluvio, which allows creators to utilize blockchain tech and NFTs. Considering all of this, do you think YVR stock is worth buying or not?
Are NFT Stocks Going to Be Profitable in 2022?
Finding NFT stocks that are worth buying can be challenging. But, with so much hype in the industry, there is a lot for investors to look forward to. Now, understanding where the value is and whether there is money to be made, all depends on you and your trading strategy. Considering all of this, do you think that NFT stocks are worth buying in 2022?