NFTs have taken over the digital asset industry, and early investors have managed to make millions of dollars in profits. Some say that by the time institutions and major companies catch on to a trend, it’s time to get out. But with NFTs, there is a good chance that five years from now the use cases and landscape will look entirely different.
For now, NFTs have dominated the digital art and collectables market. The original NFT collections like Crypto Punks or Bored Ape Yacht Club (BAYC), can fetch millions of dollars in Ether. But there are more collections across more protocols that are coming online every day. Most notably, the largest NFT marketplace OpenSea has recently added NFTs from the Solana blockchain.
It didn’t take long for other marketplaces to open up to the NFT industry, specifically eCommerce sites. While NFTs might look completely different a few years from now, today they continue to be surprisingly profitable investments. Everyone from Instagram to start-up musical sites like Nifter from Clickstream (OTC:CLIS) is offering NFTs to customers. Here are three other eCommerce stocks that have joined the NFT market.
eBay (NASDAQ:EBAY)
Ah the classic online auction site. If you feel like you haven’t used eBay in years you aren’t alone. The eCommerce trailblazer actually remained quite relevant in the online collectables industry, especially in markets like sports cards and memorabilia. Well, you might be surprised to hear that eBay has recently opened its marketplace up to collectable NFTs as well. From sports images to digital art, eBay is offering these blockchain-based assets to the highest bidders. The company also recently announced it would be allowing users to pay for products using cryptocurrencies through its own native digital wallet. If you think about it, eBay might be one of the perfect sites to get resurrected by the NFT market, so if you’re looking for some more affordable pieces to add to your collection, you know where to look!
Shopify (NYSE:SHOP)
The Canadian-based eCommerce platform seemed like a lock to get into the blockchain and NFT game. As of now, Shopify has well over 1 million global sellers, making it one of the largest eCommerce ecosystems in the world. Shopify launched a Beta version of its NFT marketplace earlier this year for US customers. This will essentially provide a toolkit for sellers to mint and sell their own NFTs via a Shopify digital storefront. There hasn’t been any word on when this will launch for the rest of the world, but we could see a vast migration of NFT creators setting up their own marketplaces within Shopify.
SFLMaven (OTC:SFLM)
To a smaller stock now that trades on the OTC markets, SFLMaven is an online boutique for jewellery and other accessories. It has found enormous success through its eBay channel and has been setting monthly records for sales so far this year. Last year, SFLMaven hired some local artists to design NFT collections that it would sell through its marketplace. In March of this year, SFLMaven saw a 51% year over year growth in sales, with $1.21 million for the month. On top of its digital art NFT collections, the company has also bought digital real estate in Decentraland. It plans to create NFT-based accessories and other wearables for avatars to wear within the Decentraland ecosystem. SFLMaven is attacking the NFT industry in two different ways: through direct sales in its marketplace and through the Metaverse in Decentrland. Gaming has been one of the leading markets for NFTs, so SFLMaven has certainly done its research. With an experienced eCommerce team and what looks to be a sound NFT strategy, SFLMaven could be a surprise winner in the NFT space.
This industry article was published for information purposes and paid for by Strategic Innovations Inc. Although the Companies mentioned have not endorsed or paid directly for this article, Strategic Innovations is paid by these companies for social media management; the management includes such articles for informational purposes. And at no time is this endorsement to buy or sell any stock.
