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5 Penny Stocks Reddit Traders Are Buying On GameStop NFT Speculation

Are NFT Stocks Back In Action?

Penny stocks are well known for their speculative nature. Now, pair that with an industry or sector with just as much speculation & you’re bound to see some crazy swings. Earlier this year, a surge in blockchain tech-based companies caught the attention of retail traders. Soon after, Reddit communities were abuzz with discussions on what to look for or “the next” stock to watch. Aside from the budding interest (at the time) in meme stocks, including GameStop and AMC stock, a new niche began evolving. This blended blockchain technology, art, and cryptocurrencies altogether into 1 group.

Non-fungible tokens, or, NFTs were soon born. This is digital “artwork” legered on a blockchain to show an original work that can be bought and sold. Most notably, artist Beeple’s “Everydays – The First 5000 Days” NFT sold at a Christie’s auction for $69 million. This was when the top blew off for the NFT trend.

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We saw exchanges popping up for trading NFTs, and we saw companies strike big joint ventures to gain exposure to the NFT ecosystem. We even saw no-name companies explode in the stock market simply due to speculation that they “might” be an NFT stock. But like most parabolic trends, NFT stocks quickly fell back to earth, as did things like Bitcoin and Ethereum.

While most would say AMC stock has taken the interest of the masses, day traders remain focused on cyclical trends. Electric vehicles, China-based stocks, and shipping stocks are all trends that have their own ebbs and flow throughout the year. Now, it looks like we may have seen the first sign of this type of trend with NFT penny stocks. Once thought all but dead, this week, interest has come back to certain names.

Is GameStop Speculation Driving NFT Hype?

Of course, it would be one of the original meme stocks that could be the center of this latest bout of speculation. Earlier this year, GameStop launched an NFT subdomain on its website. The site wasn’t flashy and had a message that reads:

We are building a team
We welcome exceptional engineers (solidity, react, python), designers, gamers, marketers, and community leaders. If you want to join our team, send your profile or something you’ve built to: nfteam@gamestop. com

Apparently, based on the source code of the GameStop blockchain contract, mid-July was speculated as the launch period for the NFT. While no new updates have come from GameStop, it hasn’t halted speculation on the trade side of the coin. Could this be the “source code” to the latest surge in NFT penny stocks? Time will tell, but until then, here’s a list of NFT stock retail traders are talking about on Reddit and other social outlets:

NFT Penny Stocks To Buy [or avoid]
  1. Takung Art Co. Ltd. (NYSE: TKAT)
  2. Oriental Culture Holding LTD (NASDAQ: OCG)
  3. Sino-Global Shipping America Ltd. (NASDAQ: SINO)
  4. Liquid Media Group Ltd. (NASDAQ: YVR)
  5. ATA Creativity Global (NASDAQ: AACG)
Takung Art Co. Ltd. (NYSE: TKAT) / Oriental Culture Holding LTD (NASDAQ: OCG)

I’m lumping both Takung and Oriental Culture into one section. Earlier this year, speculation sparked intrigue in these supposed NFT penny stocks. The companies focus on art sales and trading. In fact, Takung hadn’t released much news to tie it to NFTs when it first broke out. However, like a self-fulfilling prophecy, things seem to have unfolded favorably. Toward the end of May, the company entered into a deal with Cultural Objects Provenance, paying it $500,000 as an investment. This deal gave Takung exposure to Cultural Objects’ subsidiary, which is engaged in the operation of an NFT platform related to collectibles.

Oriental Culture, on the other hand, has been a bit more ambiguous. According to the company, it provides collectible and artwork online. Aside from announcing a recent relocation of its headquarters to Hong Kong, the company has not discussed much. But since the words “online” and “artwork” are part of the description, speculation has played its own role, especially when NFT stocks are on the move.

Penny_Stocks_to_Watch_Takung Art Co. Ltd. (TKAT Stock Chart)Sino-Global Shipping America Ltd. (NASDAQ: SINO)

While shipping stocks might not be thought of as NFT stocks, Sino-Global is a bit different. Traditionally, it was thought of as one of the global shippers that could benefit from economic reopening. However, the past few quarters saw the company expand operations that include cryptocurrency mining. It has also built its digital asset portfolio after signing deals with power center companies and companies involved with NFTs. Sino even accepts Bitcoin as a form of payment for its shipping operations.

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Late last month, the company signed a letter of intent to acquire Clamour. According to Sino, Clamour is a high-end artwork and collections trading platform in Southeast Asia. CEO Lei Cao explained, “Sino-Global has already made a series of investments in blockchain infrastructure and NFT companies as we expand our capabilities and extend our reach. We are eager to integrate Clamour into our network alongside our other assets and partners, including our CyberWorld V0.1 NFT platform, which is already providing a critical link between the virtual blockchain world and the physical world.”

Penny_Stocks_to_Watch_Sino_Global_Shipping_America_Ltd_SINO_StockLiquid Media Group Ltd. (NASDAQ: YVR)

While no major news has come out of Liquid Media in the past few days aside from some presentations, it has climbed in tandem with other NFT penny stocks today. Earlier this year, the company signed a development deal with CurrencyWorks to develop NFTainment.io. The goal was to release “Red Carpet” NFTs with pre-releases. This helped further engrain YVR into the NFT arena. While not much has been released recently regarding non-fungible tokens, Liquid has expanded its multi-media reach.

A few weeks ago, Liquid Media made headlines stating that it signed a Letter of Intent to acquire iGEMStv Inc. iGEMStv provides a platform for content recommendations and has become a popular company in the entertainment industry the past few months. The deal includes the acquisition worth up to 566,667 shares if iGEM can post revenue of at least $9.5 million. 

The CEO of Liquid Media, Ron Thomson, stated, “We look forward to welcoming iGEMS into the Liquid business family. Their unique blend of machine learning, human curation, and deep experience in the space drives content discoverability for consumer audiences seeking the very best content in all genres. At the same time, iGEMS would become yet another channel to help IP owners working with Liquid reach a wider audience.” 

Penny_Stocks_to_Watch_Liquid_Media_Group_Ltd_YVR_Stock_ChartATA Creativity Global (NASDAQ: AACG)

Earlier this year, we discussed ATA Creativity among a list of education penny stocks. However, a few buzzwords from the company’s description could have helped get AACG stock into today’s NFT speculation trend. Traditionally, ATA focuses on providing education services and learning experiences to “enhance students’ creativity.”

While momentum initially sparked in May, thanks to earnings, management commentary could be a source of recent NFT speculation. In particular, CEO Kevin Ma said, “As the recovery from the global pandemic continues to unfold in the coming months, ACG is prepared to provide students with the best possible offerings for their artistic and creative pursuits, whether that means a virtual workshop with a reputable overseas partner institution or a local art-themed tour with a small group of students…we are proactively developing additional programs and ways in which we can serve and nurture students with a passion for the arts.”

[Read More] 5 Reddit Penny Stocks to Watch That Are Moving Right Now

Whether or not this is being seen as some type of “incubator” for digital artists is to be seen and highly speculative. But thanks to a surge in NFT stocks today, it looks like AACG shares have popped a bit early in the Thursday session.

Penny_Stocks_to_Watch_ATA_Creativity_Global_AACG_Stock_ChartNFT Penny Stocks & Risk

In my opinion, a lot of the NFT hype has gotten fueled by speculation on industry events like GameStop’s pending NFT launch. Even with this being the case, the industry itself is still very young and with it, the hype has remained a big factor in driving trading momentum. If you’ve come across any of these or other NFT stocks today, keep this in mind. Most of these penny stocks are well-known for short-term yet big swings in price. Depending on your trading style this could either be a perfect case scenario or a high-risk situation.

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