If you’re looking for the top penny stock trends this quarter, the metaverse is probably something you’re watching closely. Facebook, now Meta Platforms Inc. (NASDAQ:FB) decided to head up a full-fledged effort specifically focused on virtual worlds. This includes changing its name to Meta. Since then, the stock market has been abuzz with excitement.
The social media company didn’t invent the idea of a metaverse. However, it certainly has grown in popularity following the significant shift. Everything from non-fungible tokens (NFTs) and cryptocurrencies to augmented and virtual reality, the metaverse is merging different trends in tech. With that, there are many new and exciting companies to follow. In turn, that has placed a bigger focus on many tech penny stocks.
Today we’ll look at four more metaverse penny stocks gaining steam this month. Big news, speculation, and sympathy momentum have all played their roles. As we go forward into the second half of November, there could be plenty more detail to consider regarding some of these hot stocks.
Metaverse Penny Stocks To Watch
Alpha Esports TechInc. (OTC:APETF)(CSE:ALPA)
Alpha Esports Tech has built a stronger foothold in the virtual gaming arena over the last few quarters. Since debuting in the public market earlier this year, the company has focused on building relationships to expand its userbase.
Alpha has partnered with other esports companies, institutions like Syracuse University and established working relationships with pro sports teams and brands, including BarStool and The Nets Gaming Crew. The company has even acquired Heavy Chips & Sports Betting to enter into the iGaming marketplace.
However, the latest headline from the company could take it into the metaverse. This week Alpha announced that its Paradise City Gaming subsidiary has begun developing metaverse technologies. According to the company, “Paradise City will start developing experiences encouraging users to participate in real-world challenges with the opportunity to earn NFT rewards and Alpha Coins, Alpha’s utility crypto token.”
Thanks to budding interest in esports and the advancement of metaverse technologies, Alpha has gotten into the fold of several industries that have just begun gaining steam in the market. It will be interesting to see what transpires as Paradise begins its metaverse development with this latest news.
Sino-Global Shipping (NASDAQ:SINO)
While Sino-Global isn’t a typical metaverse stock in the sense of making virtual worlds, it does have a role in the digital currency portion of this budding industry. In particular, Sino has steadily transitioned into the cryptocurrency space. The company has begun focusing on its digital currency mining efforts.
Late last quarter, Sino restructured a mining server purchase agreement for 2,783 servers with Hebei Yanghuai Technology Co., Ltd. Yanghuai will transport mining servers equating to half of the agreed-upon 50,440 t/s in computing power to Sino’s Ningbo, China office.
Adding to this directive of focusing on digital currency, the company recently appointed a new Chief Technical Officer. Reporting directly to the CEO, Shi Qiu, will help create development prospects for this targeted initiative.
Looking ahead, the company made mention of putting a priority on U.S. operations. In a PR earlier this month, Sino’s new CEO explained that the company plans on leveraging its technology platform and blockchain to create new businesses and complimentary services. As the metaverse evolves, will it also bring sympathy sentiment into the cryptocurrency arena?
Enthusiast Gaming Holdings (NASDAQ:EGLX)
In line with the esports theme, Enthusiast Gaming has gained more momentum heading into the rest of November. The last few days have seen EGLX stock surge from around $3 to over $4.06 this week so far. This latest move has been due, in part, to more robust revenue growth reported in Enthusiast’s latest round of earnings. Though its earnings per share were much lower than 2020’s Q3 results, sales jumped from $16.33 million last year to over $43 million during the quarter this year.
“Ongoing momentum in direct sales, the acquisition of Addicting Games, and the renewal and addition of key partners continues to power revenue and gross profit numbers that demonstrate the strength of our strategy. Our team’s ability to continue acquiring accretive properties, attract quality partners, and deliver the best fan experience through our flywheel of content, creators, and communities continues to deliver against and exceed expectations.”
Adrian Montgomery, CEO of Enthusiast Gaming
Where does the metaverse angle come into play? Enthusiast has expanded its userbase, and the acquisition of Addicting Games seems to have put more attention on Enthusiast’s position in virtual entertainment. Focused on casual gaming, the company has expanded via new game launches, more in-app purchase offerings, and deploying a social network for gamers, Project GG. Enthusiast also closed the acquisition of Icy Veins, one of the largest Activision-Blizzard fan communities, earlier this year. With community building becoming a solid cornerstone for any metaverse, EGLX stock could be on the watch list.
Hall Of Fame Resort & Entertainment (NASDAQ:HOFV)
With the budding industry of virtual assets in the metaverse, non-fungible tokens have grown in popularity. While Hall Of Fame Resort & Entertainment is more than just an NFT company, its portfolio of assets could be something to keep track of. In particular, the company leverages the popularity of professional sports, including football, to build its revenue model.
The company owns the Hall of Fame Village, powered by Johnson Controls. This landmark serves as a multi-use outlet for everything from live sports and media to entertainment events. Earlier this month, the company inked a deal with ASM Global, an entertainment production company, to bring events to the Hall Of Fame campus.
However, the bigger story right now is Hall of Fame’s NFT angle. The company launched a line of Pro Football Hall Of Fame NFTs earlier this year. Since then, the company has broadened its reach and is now a constant source of speculation. A tweet from DraftKings regarding NFL NFTs last week sparked intrigue in Hall of Fame. DraftKings tweeted an image of a football NFT asking if they should mint the image. In response, the sports betting company commented, “The NFL tweeting about NFTs? Probably nothing.”
This became a catalyst for HOFV stock, and shares have continued climbing since. With the metaverse including things like NFTs and digital assets, NFT stocks could also be something to watch.
Are Metaverse Stocks On Your List?
With mainstream investors diving into metaverse research, we’re sure to see more trends emerge. However, during these early periods of growth, it’s worth looking at all sides of the niche. It’s essential to keep in mind that with any new industry can come plenty of speculation and, with that, volatility. Regardless, taking time to understand what lies ahead can give you an edge when it comes to trading penny stocks.
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