DLPN, HOFV: 6 Things to Know About the Dolphin Entertainment & Hall of Fame NFT Deal

Dolphin Entertainment (NASDAQ:DLPN) and Hall of Fame Resort & Entertainment (NASDAQ:HOFV) are both seeing shares of their stock skyrocket on Wednesday after announcing an NFT deal.

A red neon sign spelling out "NFT" and "non-fungible token".
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  • The deal will have Dolphin Entertainment working alongside Hall of Fame Resort & Entertainment to offer NFTs connected to the company and its partners’ content.
  • HOFV says it expects its first NFT to be connected to its Heisman 2 Hall platform
  •  This is for winners of a Heisman Trophy that are also in the Pro Football Hall of Fame.
  • It’s worth pointing out that Dolphin Entertainment is still incredibly new to the NFT market.
  • The company only recently announced the launch of an NFT division to enter the space.
  • Even so, investors immediately started pushing shares of DLPN stock higher on the news.

Michael Crawford, president and CEO of HOFV said this about the news boosting the company’s stock higher today.

“The significant progress we have made on our strategic initiatives since going public in July 2020 has allowed us to be in a position where we can offer individuals the opportunity to own NFTs associated with original content centered on professional football. This partnership will provide us with another opportunity to unlock additional value from the one-of-a-kind media projects we have in development.”

News of the NFT deal has shares of DLPN and HOFV stock experiencing high than normal trading today. In DLPN’s case, more than 22 million shares have traded as of this writing. Its daily average is about 3.4 million shares. Moving on to HOFV, it’s seen over 119 million shares change hands. The stock’s daily average is closer to 14.3 million shares.

DLPN stock was up 52.7% as of Thursday morning and is up 726.3% since the start of the year. At that same time, HOFV stock was up 66.8% and is up 301.9% year-to-date.

Dolphin Entertainment and Hall of Fame Resort & Entertainment are nowhere near the only companies cashing on the NFT craze.

Several others are joining in on the NFT action and that’s no surprise with investors hungry for more stocks entering the space. That includes the likes of Cinedigm (NASDAQ:CIDM), Liquid Media (NASDAQ:YVR), Takung Art (NYSEMKT:TKAT), and others.

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

Article printed from InvestorPlace Media, https://investorplace.com/2021/03/dlpn-hofv-6-things-to-know-about-the-dolphin-entertainment-hall-of-fame-nft-deal/.

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