Dolphin Entertainment Soars on Hall of Fame Resort NFT Deal

Dolphin Entertainment shares soar after partnering with Hall of Fame Resort & Entertainment to offer sports- and entertainment-focused NFTs.
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Dolphin Entertainment  (DLPN) - Get Report shares soared for a second day  Wednesday, climbing as more than 50% after the entertainment marketing and content development company signed a partnership with Hall of Fame Resort & Entertainment (HOFV) to offer non-fungible tokens, or NFTs.

Dolphin Entertainment jumped 51.25% to $27.72 in trading on Wednesday, putting the stock on track for a near six-fold gain in the past two trading days. Hall of Fame Resort shares also surged, jumping more than 60%.

Dolphin stock surged more than 236% on Tuesday after the company said it formed a new NFT division that will allow fans of professional football and sports entertainment to buy and sell exclusive content developed by Hall of Fame Resort and its partners.

"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 Resort CEO Michael Crawford said in a statement. "This partnership will provide us with another opportunity to unlock additional value from the one-of-a-kind media projects we have in development."

NFTs and other digital assets have become more popular in recent weeks as investors pour money into alternative asset classes amid a record run for stocks. 

On Monday, Twitter (TWTR) - Get Report CEO Jack Dorsey sold the tokenized version of his first tweet as an NFT in an auction with a winning bid of over $2.9 million. 

"Unlike security tokens, NFTs aren't backed by any underlying asset other the NFT itself, whether it be something akin to a JPEG, GIF, or meme or other digital creation," Real Money's Tim Collins explained in a column about NFTs on March 15.

Daniel Roberts, editor-in-chief of Decrypt, joined TheStreet's Katherine Ross recently to discuss NFTs and whether or not the trend was here to stay.

Tal Elyashiv, CEO of San Francisco-based SPiCE, a venture capital firm providing its investors exposure to the massive growth of the blockchain and tokenization ecosystem, said NFTs definitely weren't a fad. 

From digital sports cards from "The Gronk" to a limited premiere music release from the band Kings of Leon to a single digital copy of a Banksy being burned, Elyashiv told TheStreet that NFTs were here to stay - and opening a new digital realm of buying, selling, trading, collecting - and investing.