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Dolphin Stock Booms on Deal with FTX Exchange

Dolphin's partnership with FTX's parent, involves creating non-fungible token marketplaces for sports and entertainment brands.
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Dolphin Entertainment  (DLPN) - Get Dolphin Entertainment Inc Report shares blasted higher Monday, after the entertainment marketing company announced a partnership with the owner of FTX.US, crypto exchange.

The partnership with West Realm Shire Services, involves creating non-fungible token marketplaces for sports and entertainment brands.

Dolphin recently traded at $10.44, up 33%, leaving it up a whopping 189% over the past six months.

“Dolphin will develop and execute the creative branding, production and marketing of these programs alongside FTX, who will use their crypto exchange services and technical development as the backbone of the marketplaces,” the companies said.

“Together, Dolphin and FTX will develop and program global NFT marketplaces targeting brands within the sports, film, television, music, gaming, eSports, culinary, lifestyle and charity industries.”

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“Buying NFTs today is clunky,” said Bill O’Dowd, Chief Executive of Dolphin Entertainment. “To be able to offer a seamless user experience, where the wallet and the product are all in one place” is a big help, he said.

Combined with Dolphin’s relationships across film, television, and other industries, this “puts NFTs on a level playing field with all other consumer products available for purchase online.”

In other NFT news, last month, sports gambling platform DraftKings DKNG unveiled plans to cash in on the NFT craze by launching DraftKings Marketplace.

The marketplace will provide access to curated NFT releases and facilitate secondary-market transactions.

"The NFT boom has reinvented the collectibles industry and driven excitement to early-adopting audiences worldwide — including the DraftKings community,” Matt Kalish, co-founder and president of the Boston company, said in a statement.