Electronic payment processing company Nuvei Corporation (NASDAQ: NVEI) recently revealed that it has been selected by a global NFT (Non-Fungible Token) marketplace, Kreatorhood, to provide digital content creators and sellers easy payment solutions.
Following the news, shares of the company declined marginally to close at $59.19 on Monday.
With leading metaverse stocks gaining momentum by the day, Nuvei’s selection by a leading NFT player like Kreatorhood for its payment solutions is expected to be beneficial for the company.
Kreatorhood is an NFT marketplace focused on art, music, performance, and sports that helps creators turn their digital content into limited edition NFTs on the blockchain.
Now, this partnership with Nuvei will allow Kreatorhood’s client base access to a seamless payment experience across the blockchain and all payment methods, as it primarily focuses on crypto as a method of payment.
The CEO of Nuvei, Philip Fayer, said, “We’re delighted to be powering payments for Kreatorhood and playing our role to help content creators with new ways to buy, sell and earn through our payment capabilities. Through our advanced payments platform, we will mirror a traditional eCommerce experience for Kreatorhood’s users. The NFTs are minted through a sidechain, meaning they are also eco-friendly, which is hugely important to us as a company.”
Recently, Cowen & Co. analyst Georgios Mihalos reiterated a Buy rating on the stock. The analyst, however, lowered the price target from $137 to $114, which implies upside potential of 92.2% from current levels.
Consensus among analysts is a Strong Buy based on 7 Buys and 1 Hold. The average Nuvei stock prediction of $129.30 implies upside potential of 118.5% from current levels. Shares have gained 6% over the past year.
TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insight into Nuvei’s performance this quarter.
According to the tool, the Nuvei website recorded a 158.87% monthly rise in global visits in December, compared to the same period last year. Moreover, year-to-date, the website traffic has grown 73.16%, compared to the previous year.
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