Dolphin Entertainment Skyrockets After Creating New NFT Division

Dolphin will design, produce, release and promote NFTs both for itself and its clients.
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Shares of entertainment marketing company Dolphin Entertainment  (DLPN) - Get Report more than doubled Tuesday after the company announced that it has formed a new division for non-fungible tokens

The new division will be dedicated to designing, producing, releasing and promoting NFTs both for Dolphin itself, as well as its film, television, music, gaming and technology clients. 

"NFTs, whether as digital art in their own right, or as collectibles, or simply as promotional items, have entered the realm of pop culture and entertainment, which is where Dolphin lives," said Dolphin CEO Bill O'Dowd. 

Shares of Dolphin jumped almost 173% to $14.87 per share on 100 times the company's normal trading volume in late morning trading Tuesday. 

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. 

The NFT was sold via auction on a platform called Valuables, which is owned by an Ethereum-based company called Cent.

Dorsey's first tweet -- "just setting up my twttr" -- which he sent on March 21, 2006 was sold to investor Sina Estavi, who is based in Malaysia and is CEO of the blockchain company Bridge Oracle.

The NFT was bought using the cryptocurrency Ether for 1630.5825601 ETH, which was worth $2,915,835.47 at the time of sale, Cameron Hejazi, the CEO and co-founder of Cent confirmed to Reuters.