5 Best NFT Stocks to Buy Now

In this article, we discuss 5 best NFT stocks to buy now. If you want to read our detailed analysis of non-fungible tokens and the outlook of the industry, go directly to read 10 Best NFT Stocks to Buy Now. 

5. eBay Inc. (NASDAQ:EBAY)

Number of Hedge Fund Holders: 44

eBay Inc. (NASDAQ:EBAY) ranks fifth on our list of the best NFT stocks to buy now. The American e-commerce company launched its first collection of NFTs in collaboration with web3 company Oneof in May 2022. A year before this, the company also introduced the option to buy and sell NFTs. eBay Inc. (NASDAQ:EBAY) owns KnownOrigin, which is one of the most innovative marketplaces for NFTs.

In the first quarter of 2023, eBay Inc. (NASDAQ:EBAY) generated revenue of $2.51 billion, which saw a 1.2% growth from the same period last year. During the quarter, the company returned $134 million to shareholders in dividends. It currently pays a quarterly dividend of $0.25 per share and has a dividend yield of 2.20%, as of June 16.

At the end of Q1 2023, 44 hedge funds tracked by Insider Monkey owned stakes in eBay Inc. (NASDAQ:EBAY), compared with 47 in the previous quarter. Their collective stake value is over $1.11 billion. With over 5.2 million shares, Rima Senvest Management was the company’s leading stakeholder in Q1.

4. Shopify Inc. (NYSE:SHOP)

Number of Hedge Fund Holders: 66

Shopify Inc. (NYSE:SHOP) is a Canadian multinational e-commerce company that helps small businesses to build online stores through one streamlined dashboard. The company reported strong results in the first quarter of 2023, with revenue of $1.5 billion, up 25.8% from the same period last year. Its free cash flow of $86 million represented 6% of its revenues.

Shopify Inc. (NYSE:SHOP) allowed selling NFTs directly through its stores in 2021. Earlier this year, the company allowed its merchants to design, mint, and sell NFTs through its Venly Shopify Merchant App. It is among the best NFT stocks on our list.

At the end of March 2023, 66 hedge funds in Insider Monkey’s database owned investments in Shopify Inc. (NYSE:SHOP), the same as in the previous quarter. The stakes owned by these hedge funds have a collective value of over $2.4 billion.

RiverPark Advisors mentioned Shopify Inc. (NYSE:SHOP) in its Q1 2023 investor letter.  Here is what the firm has to say:

“Shopify Inc. (NYSE:SHOP): Shopify shares were a top contributor in the quarter as the market focused on the company’s recent price increases and its ongoing market share gains in e-commerce gross merchandise volumes (GMV). Earlier in the quarter the company reported better-than-expected 4Q results, with 26% revenue growth and $248 million of FCF (at a 14% margin), significantly better than the Street consensus of -$109 million.

Last year, 10% of US retail e-commerce sales flowed through SHOP, second only to Amazon, and the company is still enjoying significant tailwinds as retail merchants of all sizes adopt SHOP’s software tools to display, manage and sell their products across a dozen different sales channels. We believe that the overall growth of e-commerce, combined with the development of new products and services, such as its digital wallet Shop Pay and its pick, pack and ship Shopify Fulfillment Network, should continue to drive revenue growth of about 20% per year over the next several years, accompanied by re-acceleration of operating margin growth and FCF generation.”

3. NIKE, Inc. (NYSE:NKE)

Number of Hedge Fund Holders: 81

NIKE, Inc. (NYSE:NKE) is an Oregon-based footwear manufacturing company. Though it is not the traditional NFT stock, the company acquired a digital sneakers company, RTFKT, in December 2021 to accelerate its metaverse play. According to a report by Vogue Business, this acquisition resulted in NIKE, Inc. (NYSE:NKE) generating over $185 million in NFT revenues. Moreover, it also launched its first NFT drop in April this year.

NIKE, Inc. (NYSE:NKE) was a popular stock among elite funds in Q1 2023, as 81 funds owned stakes in the company, up from 71 in the previous quarter, according to Insider Monkey’s database. These stakes are collectively worth over $2.35 billion.

2. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holders: 132

NVIDIA Corporation (NASDAQ:NVDA) is a California-based multinational tech company. Its Omniverse platform builds and operates a wide range of metaverse apps. In addition to this, the company also has deals with several marketplaces where creators can sell their 3D work. This makes NVDA one of the best NFT stocks on our list.

NVIDIA Corporation (NASDAQ:NVDA) experienced a positive hedge fund sentiment in Q1 2023, as 132 hedge funds tracked by Insider Monkey owned stakes in the company, up from 106 in the previous quarter.

Saltlight Capital mentioned NVIDIA Corporation (NASDAQ:NVDA) and its AI technologies in its Q1 2023 investor letter. Here is what the firm has to say:

“In May 2021, we shared our thoughts on AI with a particular focus on NVIDIA Corporation (NASDAQ:NVDA), expressing our belief that it was poised to become a significant enabler of AI technology. At the time, it felt like our insights were being carried away by the wind.

Our thesis hinged on the idea that NVIDIA’s GPUs would form the fundamental computing hardware for neural networks. This hardware would not only develop AI tools and infrastructure but also democratise access to AI technology.

At the end of that letter, we included a substantial excerpt from an interview with NVIDIA’s CEO, Jensen Huang. Looking back, his words now seem eerily prophetic. He suggested, albeit vaguely, a solution to the complexity problem. He said:

“But finally, we have this piece of this new technology called artificial intelligence that can write that complex software so that we can automate it. The whole goal of writing software is to automate something. We’re in this new world where, over the next 10 years, we’re going to see the automation of automation””…(Click here to read the full text)

1. Visa Inc. (NYSE:V)

Number of Hedge Fund Holders: 173

An American financial services company, Visa Inc. (NYSE:V) tops our list of the best NFT stocks to buy. In May this year, the company announced its Visa Creator Program, which would allow digital creators to enhance their small businesses through NFTs. In addition to this, the company also bought an NFT worth $150,000 in 2021.

As of the close of Q1 2023, 173 hedge funds tracked by Insider Monkey held stakes in Visa Inc. (NYSE:V), compared with 177 in the previous quarter. Collectively, these stakes are worth over $26 billion.

Polen Capital made the following comment about Visa Inc. (NYSE:V) in its Q1 2023 investor letter:

“We trimmed Mastercard and Visa Inc. (NYSE:V) to equal weights of the Portfolio. Mastercard and Visa operate as a duopoly in a large and growing market. Over the last 50 years, global personal consumer expenditures (PCE) has grown 7-9% annualized. We expect 4-5% long-term PCE growth going forward. Additionally, the shift from cash to credit continues unabated, with a total credit penetration of only approximately 50% globally.3 This shift provides Visa and Mastercard with another ~4-6% of growth. When combined with PCE, this gives both companies high-single-digit to low-double[1]digit revenue growth opportunities. This growth estimate is before accounting for growth amplifiers like the acceleration of e[1]commerce, the shift from offline to online, and additional services. Both companies enjoy extremely strong network effects that provide strong competitive advantages.

We have trimmed Visa and Mastercard because their combined weight grew to over 12% of the Global Growth Portfolio because of their recent performance and to fund our increase in Amazon’s position size. We added to both positions when their prices were depressed due to cross-border transactions deteriorating materially from the pandemic. Cross-border volumes came roaring back when travel corridors reopened, and although we are several quarters removed from the cross-border nadir, Visa still grew volumes >30% in 1Q23. Total cross-border volumes are now 132% of 2019 levels. At 4.5% each, both companies remain high conviction positions for Global Growth.”

You can also take a look at Insider Buying Alert: 10 Stocks Seeing Insider Activity and 14 Best Annual Dividend Stocks To Buy Now

Follow Insider Monkey on Twitter