Dolphin Entertainment (NASDAQ:DLPN) stock is skyrocketing on Tuesday following news that the company is launching its own NFT division.
Dolphin Entertainment says that this new division will focus on “designing, producing, releasing and promoting NFTs.” That includes NFTs from itself, as well as from the company’s clients. This will cover the “film, television, music, gaming, epicurean, and technology industries.”
The new division handling NFTs at Dolphin Entertainment is lead by executives from across the company. DLPN is bringing together workers from its various wholly-owned subsidiaries to make use of their experience for the NFT effort.
Bill O’Dowd, CEO of Dolphin Entertainment, said this about the NFT news boosting shares of DLPN stock higher today.
“NFTs, whether as digital art in their own right, or as collectibles, or simply as promotional items, have entered the realm of pop culture and entertainment, which is where Dolphin lives. We believe Dolphin’s best-in-class entertainment marketing companies are uniquely positioned to capitalize on the expanded promotional capabilities that NFTs represent, as well as to maximize their potential revenue streams. We expect several upcoming projects and partnerships that will combine our creative and marketing expertise to bring exciting offerings to the NFT marketplace.”
Dolphin Entertainment is a content development and marketing company. It works with several top brands to assist in the creation of content, as well as getting the word out to the public. It handles this through a variety of its companies, which include Shore Fire Media, The Door, and 42West.
News of the NFT launch has DLPN stock seeing heavy trading today. As of this writing, more than 49 million shares have changed hands. That’s quite the jump from its daily average trading volume of roughly 598,000 shares.
DLPN stock was up 135.8% as of Tuesday morning and is up 282% since the start of the year.
With the gaining interest in NFTs comes more companies entering the space.
This has resulted in some unexpected companies having a spotlight shined on them as possible NFT plays. Among them are Liquid Media (NASDAQ:YVR), Takung Art (NYSEMKT:TKAT), Jiayin Group (NASDAQ:JFIN), and more. Investors wanting to learn more can check out the following content from InvestorPlace.com.
More NFT News
- YVR Stock News: Why Potential NFT Stock Play Liquid Media Is Rocketing Higher Today
- NFT Stocks: Why JFIN, HOFV and TKAT Stocks Are Racing Higher
- What Did the Stock Market Do Today? 3 Big Stories to Catch Up On.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.