Crypto investors certainly don’t have a shortage of things to be on watch for. Indeed, Vinco Ventures (NASDAQ:BBIG) is one company that is starting to intrigue crypto investors right now. Those invested in BBIG stock appear to be increasingly looking at Vinco’s exposure to non-fungible tokens (NFTs) via one of the company’s subsidiaries.
NFTs are red-hot right now. As we’ve pointed out on InvestorPlace, the NFT craze hasn’t just hit retail investors. In fact, massive players in the payments space, including Visa (NYSE:V), have recently made big moves into the NFT world. More and more validation is materializing for this nascent sector. Accordingly, investors appear to be willing to put their money where their mouths are and invest in any company with some tie to this new phenomenon.
There are many reasons why investors may want to consider an NFT-linked company right now. However, here are three of the biggest catalysts driving this sector, and BBIG stock, higher today.
3 Reasons Why BBIG Stock Is Climbing Today
Understanding the world of NFTs is difficult for those with limited knowledge of this market. However, Galaxy Digital (OTCMKTS:BRPHF) CEO Mike Novogratz knows a thing or two about the crypto space. On a CNBC interview today, Mr. Novogratz highlighted his belief that NFTs represent a shift in culture. He believes that soaring prices are likely to continue as sentiment grows more bullish.
Additionally, Facebook (NASDAQ:FB) has announced it’s considering building NFT products and features into its Novi digital wallet. This digital wallet is still under development, and the company has stated it’s looking at ways of helping consumers support NFTs. This announcement has further strengthened the thesis that NFTs are here to stay.
Finally, iconic investor Will Meade has recently called out BBIG stock as the “only true NFT play.” His Twitter post today has received a lot of attention and appears to have shifted investor sentiment to a great degree toward the positive for Vinco.
Investors betting on Vinco’s ability to continue to rise may want to see more momentum build before jumping in. However, it appears today there are quite a few catalysts in favor of this sector. Accordingly, speculators seem to be taking a flyer on BBIG stock right now.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
