Why Hall of Fame Resort & Entertainment Stock Skyrocketed Today

What happened 

Shares of Hall of Fame Resort & Entertainment (NASDAQ:HOFV) soared 39% on Wednesday after the company announced a partnership with Dolphin Entertainment to create non-fungible tokens (NFTs) for NFL fans. 

So what 

HOFV and Dolphin Entertainment will work together to create NFTs that will allow fans to buy and sell digital collectibles based on HOFV’s exclusive football-themed content. “We are thrilled to be partnering with Dolphin, an emerging thought leader in the NFT market, to accelerate our entry into the space,” Hall of Fame CEO Michael Crawford said in a press release.

A person is pointing to an upwardly sloping stock chart.

Hall of Fame Resort & Entertainment’s stock price surged on Wednesday. Image source: Getty Images.

The company cited the “overwhelming demand” for digital art and media as one of the reasons for its move into the NFT arena. An NFT is a new type of digital asset that uses blockchain technology to record ownership and prevent duplication. NFTs can be artwork, music, and many other types of digital media. 

Some of the most popular NFTs have been sports-themed video clips, such as NBA Top Shot, which bodes well for Hall of Fame’s new football-based offerings. 

Now what 

The company could enjoy booming demand for its NFTs. Sports fans have already spent a staggering $400 million on NBA Top Shot’s digital collectibles. The NFL enjoys an even larger viewership than the NBA, and it’s likely that many fans will also be eager to purchase unique digital items featuring their favorite football players.

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This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.


View more information: https://www.fool.com/investing/2021/03/24/why-hall-of-fame-resort-entertainment-stock-skyroc/

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