Non-fungible tokens (NFTs) are where it’s at these days. Any stock that’s even remotely associated with NFTs is seeing massive investor interest. Today, investors in Hall of Fame Resort & Entertainment Company (NASDAQ:HOFV) and HOFV stock have seen gains of more than 45% at the time of writing.
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Let’s dive into what’s going on with HOFV stock, and why investors are so excited right now.
7 Things to Know About HOFV Stock
- HOFV stock went public via a SPAC merger last summer. The company’s goal? To create a Hall of Fame destination for NFL fans.
- The proposed Hall of Fame Village is a 200-acre mixed-use site. This site has the potential for new stadiums, football fields, hotels, a waterpark, a convention center and other enticing assets. Indeed, the company is hoping they can turn this land into a Disneyland-like location for NFL fans.
- Since the SPAC merger, shares have precipitously dropped from nearly $15 to as low as $1 per share. The pandemic has played a big role in delaying revenue generation from its existing assets.
- Accordingly, the company has undertaken a number of equity financings to help stem the bleeding. Significant dilution has put downside pressure on HOFV stock.
- Today, it appears this sentiment is starting to reverse. Indeed, reports that the NFL is seeking an NFT strategy has many investors enticed as to which companies could be involved.
- Additionally, today it was tweeted that HOFV could be in the running as the company tapped to carry out this strategy.
- The article didn’t name names with respect to any specific companies being considered in the NFT strategy. However, it appears social media-driven speculators are going crazy over the announcement.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article.
