Today, Hall of Fame Resort & Entertainment (NASDAQ:HOFV) is once again spiking higher. At the time of writing, shares of HOFV stock have shot up more than 25%.
Why the optimism?
Well, it appears investors are still interested in the non-fungible token (NFT) space. In particular, any company with a high degree of leverage to NFTs is shooting higher as NFTs go mainstream.
However, today the company has another key catalyst that’s driving HOFV stock higher. Let’s dive into what’s going on with this stock today.
The Tweet Investors in HOFV Stock Were Waiting For
Today, a tweet from Hall of Fame sent shares spiking. The company announced that tomorrow, March 30, would be the “The Day Fantasy Sports Changes Forever.”
🚨 FANTASY FOOTBALL ALERT🚨
The Day Fantasy Sports Changes Forever.
— Hall of Fame Resort & Entertainment Co. (@HOFRECO) March 29, 2021
I don’t know about you, but I’m a big fan of fantasy sports. Apparently, many market participants are as well. With the recent success of the NBA’s Top Shot platform spurring massive investment in “moments” captured as NFTs, the potential expansion of this crypto market into fantasy sports is an intriguing one, for sure.
This news comes on the heels of last week’s key announcement HOFV would be partnering with Dolphin Entertainment (NASDAQ:DLPN) on an NFT deal. As fellow InvestorPlace contributor William White pointed out, this deal is one that has already caused a ton of speculative buying. Continued buying on new developments appears to be in line with the momentum NFT stocks have seen of late.
The Bottom Line
The speculation around NFT plays today certainly is intriguing.
That said, it’s important to remember that this is still a nascent industry. Investors in NFT plays like HOFV stock would be well-served by practicing proper portfolio discipline in sizing positions appropriately. There’s really no telling how good or bad this news is. After all, we don’t know what the announcement is yet.
Accordingly, I expect a lot of volatility on the horizon. That’s great for adventurous investors with an appetite for risk today. However, those with a weak stomach may want to steer clear of this volatile stock for now.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article.