Consumer Stocks With NFT Exposure Slide As Cryptos Take Hit

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  • Consumer stocks, including Plby Group Inc (NASDAQ:PLBY), DraftKings Inc (NASDAQ:DKNG), and Funko Inc (NASDAQ:FNKO), are taking a hit following a crash in cryptocurrencies due to their NFT exposure.
  • Bitcoin dropped below $44,000 after falling more than 8% in just a few hours, Ethereum fell more than 10%, while Dogecoin shed 13%.
  • DraftKings Marketplace, created in partnership with Tom Brady’s Autograph, is a digital collectibles platform.
  • Funko had acquired a majority ownership stake in TokenWave, LLC, the developer of TokenHead, a leading mobile app and website for showcasing and tracking Non-Fungible Token (NFT) holdings. 
  • Similarly, Plby Group has partnered on a number of NFT digital art drops in the last few months.
  • Non-Fungible Tokens are digital assets backed by blockchain technology and are sold online in exchange for crypto coins.
  • Price Action: PLBY shares are trading lower by 6.64% at $21.45, DKNG is down 5.78% at $56.93, and FNKO is down 6.24% at $17.88 on the last check Monday.

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