RBLX - Big Potential Profit Plays In The Gaming Stocks Sector
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The digital gamingsector is a rapidly growing industry with incredible investmentpotential. According to a recent report by PwC, the gaming industry isprojected to reach a market value of $321 billion by 2026. Thisexpansion is being fueled by a variety of factors, includingadvancements in gaming technology and rising demand for gamingproducts and services.
During the pandemic, millions of people turned to gaming as away to stay entertained and connected with others while remaining athome. This has led to a surge in demand for gaming consoles as well asin-game purchases and subscriptions. With new players joining thegaming community every day, the digital gaming sector is poised forcontinued growth in the years to come.
Let’s take a closer look at the digitalgaming sector and some promising investment opportunities within theindustry. One unique up-and-coming company that stands out in thisspace is The NFT Gaming Company, Inc. (NASDAQ: NFTG). NFTG ispushing the boundaries of the industry and disrupting traditionalbusiness models in the gaming sector. The NFT Gaming Company iscreating a digital gaming platform that will feature both its ownproprietary games and those developed and published by third-partygame developers.
NFTG’s goal is to develop, acquire, and manage traditionaldigital games while incorporating new, never-before-seen methods, suchas the creation and minting of non-fungible tokens (NFTs) for in-gamefeatures like skins, characters, and experiences. The combining ofblockchain based NFT technology with traditional gaming elementsallows users for a personal, customizable experience, like never seenbefore in the gaming industry.
The NFTG gaming platform is known as the Gaxosplatform. With the Gaxos platform, players will have the ability tomove their characters and achievements between games as NFTs. Thiswill allow users to have more control over their in-game assets andhave more unique experiences.
Initially, the company plans to start by releasingtheir own straightforward and enjoyable proprietary games that allowgamers to easily mint their own affordable NFTs within the Gaxosplatform. These NFTs will come with unique and exclusive features thatcan be utilized across the network of games on the NFTGplatform.
InFebruary, The NFT Gaming Company, Inc. announced the closing of their$7 million IPO and the Company’s Common Stock began trading on theNasdaq Capital Market under the symbol “NFTG” on February 15,2023.
Because NFTGhas only been trading for a month, it is relatively unknown and asinvestors learn more about it, this stock has the potential to tradesignificantly higher.
In addition, investors should take note of the recentannouncement by NFTG that it had acquired the artificial intelligenceassets of Voxpow for integration into its exclusive game portfolio.Voxpow boasts natural language processing speech recognition poweredby AI that can understand more than 100 languages and theirvariations.
“We’re excited to implement Voxpow into our ecosystem forthe development of next-generation Artificial Intelligence-poweredgames,” said Vadim Mats, Chief Executive Officer of NFT Gaming.“Players will now be able to use their voice to control variousaspects of games, such as movement, responses, and other actions.Securing this technology allows us to expand our offering of games andenhance the overall gaming experience.”
With its unique approach to incorporatingnon-fungible tokens into its gaming platform and the rapidly growinggaming industry, NFTG could be an intriguing investment opportunityfor investors looking to get involved in this exciting sector.
Another player in themobile gaming sector that investors should pay attention to is Skillz Inc. (NYSE:SKLZ) . Skillz offers a mobile gaming platformwhere players can engage in fair, balanced, and fun games with usersaround the globe. SKLZ has developed a unique online-hosted technologyplatform that allows independent game developers to host tournamentsand provide competitive gaming activities to users all over theworld.
Skillz Inc.distributes games through direct app downloads from their website aswell as through third-party platforms.
Skillz's patented technology allows themto organize a variety of casual esports tournaments for millions ofmobile players worldwide. In order to become the go-to platform forgamers looking for competitive gaming experiences, the company wantsto establish itself as a focal point for mobile competition.
Last week, SKLZannounced that they would release their fourth quarter and full year2022 results after the close of the market on Tuesday, March 14, 2023.However, that has been moved to 4:30 PM ET on Thursday, March 30,2023. Investors looking to learn more about SKLZ and their performancein Q4 should mark the date for the Skillz Inc. earnings call laterthis month.
Forinvestors looking for a more firmly established company in the gamingsector, one option is the Roblox Corporation (NYSE:RBLX). Roblox is a multi-faceted application that provides users with aplatform for playing a diverse range of games, creating their owngames, and engaging with others through online chat features.
RBLX integrates gaming,social media, and social commerce into a cohesive experience andbrands itself as the "ultimate virtual universe".
Last week, Jefferiesraised its price target for RBLX from $30.00 to $48.00 and upgradedthe stock's rating from Hold to Buy. This decision was supportedby a positive outlook for Roblox, which included projected top-linegrowth, improved margins, the potential to generate advertisingrevenue, significant increases in net bookings, and user metrics thatpoint to a positive Roblox story despite market pressures andcompetition. Seeing that the price of RBLX is currently around $41.41,investors that follow the analysts' thinking on RBLX may want toput this one on their radar.
While not strictly a gaming company, Zedge Inc.(NYSEAMERICAN:ZDGE) may be an interesting stock to take a look at.Zedge, Inc. is a company that develops digital marketplaces andcompetitive games centered around user-generated content that allowsindividuals to express themselves.
Their flagship product is the Zedge Ringtones andWallpapers app, which offers a variety of mobile personalizationcontent such as wallpapers, video wallpapers, ringtones, andnotification sounds.
The Zedge app operates on a freemium business model. Zedgecould capitalize on a sizable market opportunity thanks to itsemphasis on enabling users to express themselves through originaldigital content, making it an intriguing investment choice in thequickly expanding mobile app market.
Through the Zedge App, both amateur andprofessional artists can open a virtual storefront, allowing them tomarket and sell their content to the platform's huge global userbase. As of February 2, 2023, the Zedge app has been downloaded over436 million times and has approximately 30 million monthly activeusers.
In a pressrelease, Zedge Inc. announced that their earnings release will befiled on Form 8-K and posted on the Zedge investor relations website(investor.zedge.net) at approximately 4:10 p.m. Eastern on March 15,2023. Management will then host an earnings conference call beginningat 4:30 p.m. Investors looking to hear more about their performancefrom last year should take note.
Conclusion
The digital gaming sector continues to see growth andinnovation, presenting promising investment opportunities for thoselooking to get involved in the industry. For investors, look for thosefew examples of companies that are disrupting traditional businessmodels and pushing the boundaries of what is possible in the gamingindustry. With the continued growth of the gaming market and theincreasing demand for unique and personalized gaming experiences,these companies may be worth considering for investors looking tocapitalize on the exciting developments in the digital gamingsector.
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