BBIG Stock: Is Vinco Ventures Stock Surging on NFT Stock Speculation?

Vinco Ventures (NASDAQ:BBIG) stock is heading higher on Wednesday as investors online speculate about the company’s entering the NFT market.

Concept art of an NFT within a photo frame.

Source: Shutterstock

Quite a few users on Twitter (NYSE:TWTR) are talking about the idea of BBIG as an NFT stock. However, there’s no news suggesting that the company has any plans to create NFTs. Even so, that isn’t stopping the speculation, which is likely behind the rising price for the stock today.

Let’s take a look at some of those Twitter comments about BBIG stock being a potential NFT play below.

For investors that aren’t up to date on NFTs, it stands for non-fungible tokens. These are special cryptocurrency tokens that are made in limited amounts, typically only one each. The tokens are used to buy and sell art online. That doesn’t just cover digital art, either. The tokens can also be used to represent physical art as well.

Investors have been chomping at the bits for more NFT stocks to invest in on the current hype. That’s resulted in companies without any NFT plans, such as Vinco Ventures, getting dragged into the hype on speculation.

The idea that BBIG stock could go NFT has shares seeing heavy trading today. As of this writing, more than 12 million shares of the stock have changed hands. To put that into perspective, the stock’s daily average trading volume is closer to 5.6 million shares.

Vinco Ventures is a mergers and acquisition company preparing for a combination with ZASH Global Media and Entertainment. This would set it up as a rival for TikTok with the help of Lomotif.

BBIG stock is up 16.7% as of Wednesday afternoon. The stock is also sitting 191.2% higher since the start of the year.

Vinco Ventures is nowhere close to the only company getting a boost from all the recent NFT news.

Loads of other companies are seeing their shares soar higher lately as investors dive in hoping to profit off of the NFT whirlwind. Among them are Dolphin Entertainment (NASDAQ:DLPN), Hall of Fame Resort & Entertainment (NASDAQ:HOFV) and more. Let’s check out the latest NFT news below.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.

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