With non-fungible tokens (NFTs) going mainstream after gaining massive popularity over the past few months, more institutional investors are seeking to capitalize on the growing enthusiasm for digital collectibles and artwork with intrinsic value. So, we think investors seeking to benefit from the trend could bet on PLBY Group (PLBY) and Dolphin Entertainment (NASDAQ:DLPN). These two stocks could be highly rewarding because Wall Street analysts expect them to more than double in price the near term. Read on.This year has seen a surge in investor interest in non-fungible tokens (NFT), with many spending large sums of money on artwork and other digital collectibles. NFTs are a form of digital asset used to demonstrate ownership of a one-of-a-kind virtual object, such as online pictures and videos or even sports trading cards. The phenomenon exploded when digital designer Beeple’s digital collage was sold for a record $69 million by Christie’s in March.
According to blockchain sales tracking company DappRadar, NFT sales spiked 111.5% sequentially in the second quarter. As NFTs grow in popularity, companies exposed to NFTs are witnessing a huge surge in their share prices. And as virtual reality technology progresses, NFT enthusiasts will likely spend more time and money in virtual environments, which is expected to drive the digital collectibles craze in the foreseeable future.
As such, Wall Street analysts expect financially sound NFT stocks PLBY Group Inc. (PLBY) and Dolphin Entertainment Inc. (DLPN) to generate significant momentum in the coming months. So, these two stocks could be solid picks now.