It’s not Oct. 15 yet but Vinco Ventures (NASDAQ:BBIG) has plenty of new developments to which investors should be paying attention.
As reported earlier, the company is nearing a catalyst where shareholders will vote on the proposal for company spinoff Cryptyde to operate as its own publicly traded entity. Although the actual shareholder vote will not be conducted until Oct. 14, tomorrow marks the proxy mailing date when those planning on voting by proxy will start to receive the materials allowing them to do so.
In more recent news, Vinco announced today that one of its subsidiaries will be launching its first NFT streaming movie soundtrack, a feat that will include Anderson .Paak, CeeLo Green and Kota the Friend.
Despite all this, BBIG stock has been slipping all day.
What’s Happening With BBIG Stock
Since it spiked on Sept. 16, BBIG stock has been on a downward trajectory, falling more than 15% over the past five days. Shares closed down 7% for the day.
Today’s patterns may not look good but overall, September should be considered a period of considerable growth for BBIG stock. The company is up 182% for the month and shares saw significant gains when Vinco released a presentation that detailed plans for Cryptyde.
What News Matters
It’s not unusual for quick pumps from social media forums to pose noticeable effects for a stock in the short term.
Vinco’s popularity as a meme stock served to help it grow earlier this month, but investors would be well advised to remember that sometimes this phenomenon can have the opposite effect.
That said, all the reasons why Cryptyde was touted as a boon to the company still hold true, and as of now, there’s no reason to suspect that shareholders will not vote accordingly. The concept behind it, of “leveraging blockchain technologies to disrupt consumer facing industries,” still has plenty of potential.
Additionally, the release of the first NFT streaming soundtrack shouldn’t be disregarded simply because shares are down today. It is worth remembering that Cryptyde includes streaming platform E-NFT, a venue that resulted in Tory Lanez selling 1 million copies of his NFT album in under 60 seconds. Vinco is clearly doing its part to cash in on the booming NFT market right now, which shows no signs of slowing down.
What’s Next for BBIG Stock (and Cryptyde)
InvestorPlace’s David Moadel recently predicted that investors would be able to “ride the tyde” with BBIG stock if they were prepared for the many fast-moving developments that lay ahead.
As of now, there’s plenty of reason to believe that’s true. While there has been a lot to keep track of as Vinco has moved forward with Cryptyde, events have mostly pointed toward a promising, if not slightly volatile, future. Investors should focus on company developments more than social media trends.
The company’s plays toward NFT markets should have investors watching close through a cautiously optimistic lens.
On the date of publication, Samuel O’Brient 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.