NFTs are digital assets that are recorded on a blockchain. In the blockchain industry, a nonfungible asset is one that can’t be replicated and doesn’t have an identical version of it anywhere on the blockchain. This means that an NFT owner has full ownership of his asset, and that’s what makes these assets valuable. NFTs surged in popularity in 2021, and plenty were sold for millions of dollars.
Other stocks favored by small-time investors – Koss Corp and Bed Bath & Beyond – rose 4.5% and 2.2%, respectively, while AMC Entertainment Holdings Inc advanced 5%.
Ether, used to buy NFTs, has slumped to $3,225.79, levels last seen in early October.
“Meme stocks are speculative rather than fundamental and, to a degree, cryptos are also little speculative in nature… too much of an exposure to cryptos could have an effect on the balance sheets of these companies,” Mirabaud analyst Neil Campling said.
