NFT Mania Lifts Stocks - TKAT, WKEY, JFIN, OCG, HOFV, ABXXF

Non-Fungible Tokens mania is lifting stocks. The leader to this movement is TKAT, an online platform for art dealers in China. In response, other Chinese-listed companies have increased on rumors of also participating in the NFT trend. OCG, another arts and collectibles platform and JFIN, a financial marketplace. KBSF is one to look closely at as well, as it has recently combined with a company that owns Luxventure, a social media platform offering cross border merchandise through online and off-line channels and luxury tourism experiences to its members.

WKEY is our top NFT pick. It's trading at about one-third of TKAT's market cap at less than $200 million, but has substantially better NFT developments. It announced NFT for Digital Identity Verification of Valuable Objects and Proof of Ownership of Digital and Tangible Assets a few days ago and also signed a deal for remote document signing last night. It's based out of Switzerland, a much more trusted jurisdiction of operation than China. 

HOFV is up on hopes it can do something with the pro football Hall of Fame, similar to what the NBA has done with NFTs. 

ABXXF, Abaxx Technologies, is a blockchain technology platform in Canada setting up a commodities exchange powered by Ethereum that could be an NFT play. Like WKEY, it's also developing remote document signing services. 

Comments

Post a Comment

Popular posts from this blog

The Two Best Biotech Short Squeeze Candidates And The Next Carvana

Image
With the market having recovered most of its recent drop to be near all-time highs once again, shorts have been destroyed and are in a desperate spot. Heavily shorted stocks like B. Riley Financial, Inc. (RILY), Globe Life Inc. (GL) and Carvana Co. (CVNA) have been on absolute tears. We have written about CVNA before , as well as the impact of CVNA's move on Root , Inc. (ROOT). When a stock is squeezing like CVNA, a related stock like ROOT will follow suit. Shorts are often shorting multiple related stocks. Most don't even hide it with Kerrisdale openly bragging about its poor track record. GL was another one that was attacked by shorts which we talked about as a gamma squeeze candidate that has worked out very well over the past three weeks.  In this market of short squeezes, we have identified two excellent biotech short squeeze candidates, ImmunityBio, Inc. (IBRX) and Soleno Therapeutics, Inc. (SLNO). IBRX is starting up the production and sale of its cancer drug ANKTIVA. S
Read more

The Next NVDA-Backed Runner and New Asian IPO Squeeze Play

Image
We have seen stocks like Super Micro Computer, Inc. (SMCI) and SoundHound AI, Inc. (SOUN) have incredible squeeze runs thanks to their connection to NVIDIA Corporation (NVDA). We think the next one will be Spire Global, Inc. (SPIR), which popped a week ago after it announced a collaboration with NVDA to enhance AI-driven weather prediction. A few day later it dropped on the announcement of a financing at $14, with the potential to raise $61 million if warrants at $14.50 are exercised. We think there is a good chance that NVDA got in on this financing, as it tends to invest in the companies it does these deals with when spreading AI across different sectors. One such recent example was with Recursion Pharmaceuticals, Inc. (RXRX) for AI in drug development.  It looks like SPIR didn't really need this financing as it has enough cash and looks like it will be cash flow and net income positive in 2024. This financing was of a strategic nature, not something led by brokers to fund a com
Read more

Forget about CVNA, PLCE is the Next Major Short Squeeze Play

Image
 Back in June, we called out Kerrisdale Capital and its short on Carvana Co. (CVNA) in our piece " Carvana: The Gamma Squeeze is Real, Time to Bankrupt Kerrisdale ". Kerrisdale has a history of calling one bad short after another, creating a squeeze on all of its positions as the firm and its associates face liquidity crises. Kerrisdale is once again on a cold streak as its short on Altimmune, Inc. (ALT) simultaneously blew up just as CVNA headed from $70 to $80 this week.  However, we think CVNA is done for now. Recall that in June after the initial spike to nearly $30, the stock pulled back to $20 before hitting $40 in the next month. People who are riding weekly call options aren't likely to cash in. CVNA looks headed to the mid to low $60's to close the gap that currently exists in the $62 to $66 area before resuming any further rise. Kerrisdale created an artificial short squeeze with its report, but now that both ALT and CVNA have come down from their weekly hig
Read more