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February 18, 2022
By now, you’ve heard of NFTs.
Otherwise known as non-fungible tokens, the NFT boom is turning digital works of art, memes, musical compositions, and collectibles into tradeable items on the blockchain.
And just in case you think NFTs are a fad, or a waste of time, consider this.
Analysts at Jefferies just raised their market forecast for NFTs to $35 billion for 2022, and to more than $80 billion by 2025.
Better, investors are spending millions of NFTs.
For example, Beeple’s Crossroad sold for $6.6 million. Pak’s “The Merge” sold for an incredible $91.8 million. CryptoPunk #7804 sold for a massive $7.6 million.
So how can we profit from that?
There are a few ways.
One, you can always invest in actual NFTs.
Two, if NFT investing is not your thing, you can always buy related stocks. Look at Coinbase Global (COIN), for example. While the Coinbase Global NFT site hasn’t gone just live yet, 2.5 million people have registered to use the services.
Or, three, take a look at NFT-related ETFs, like the Defiance Digital Revolution ETF (NFTZ), which offers diversification among top names at less cost.
For example, if I were to buy 100 shares of NFTZ holding, Coinbase, it would cost me just over $19,000. However, if I were to buy 100 shares of the NFTZ ETF, it would cost me $1,456, and I also get exposure to Coinbase, and other holdings, like eBay Inc., DraftKings Inc., Hut 8 Mining Corp., Canaan Inc, Cloudflare Inc., HIVE Blockchain, Block Inc., and Funco Inc. to name a few.
With analysts forecasting an $80 billion NFT market, it may be worth the gamble.
The Dow is up about 137 points to 34,368
The S&P 500 is up about 22 points to 4,396.75
The NASDAQ is up about 100 points to 14,262.75
Gold prices are down $5.90 to $1,893.31
Bitcoin is down 6% to $40,507.30
Oil prices are down about $2 to $89.90
The VIX is up about 2.41 points to 26.70
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