Shares of Hall of Fame Resort & Entertainment Co. (NASDAQ:HOFV) stock are taking off again on Monday morning as it continues to ride last week’s boost.
HOFV went public in the summer of 2020 via a special purpose acquisitions company (SPAC) merger with the goal of creating a “Hall of Fame destination for NFL fans.” This idea includes a massive update to its current Hall of Fame Village that would have multiple fields, a waterpark, a convention center and even spaces for e-sports and sports betting.
That said, on March 17, it was reported that the National Football League (NFL) is working on a strategy to enter the non-fungible token (NFT) market. “Via Ben Fischer of Sports Business Journal, the league currently is engaged in ‘active discussions’ with potential partners to devise a strategy for digital collectibles,” the article stated. Additionally, the NFL is also looking into blockchain technology for ticketing purposes.
That news caused a social media craze for HOFV stock, as many investors believe the company could be the NFL’s choice in their NFT search.
Overall, shares of HOFV stock have fallen hard since its initial public offering (IPO). However, if the firm can in fact become the NFL’s NFT play, it would likely mean major things for the firm and its shareholders.
HOFV stock was up 34.5% as of Monday morning.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nick Clarkson is a web editor at InvestorPlace.