Shares of entertainment marketing and premium content production company Dolphin Entertainment (NASDAQ: DLPN) have surged on Tuesday after the company announced it has formed a new division dedicated to designing, producing, releasing and promoting non-fungible tokens (NFTs).
The NFTs will be created for both itself and its clients within the film, television, music, gaming and technology industries.
Dolphin Entertainment's share price rocketed on the news and is currently trading 128.44% higher at $12.45 per share.
“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 Bill O'Dowd, CEO of Dolphin Entertainment.
O’Dowd added: “We believe Dolphin's best-in-class entertainment marketing companies are uniquely positioned to capitalize on the expanded promotional capabilities that NFTs represent, as well as to maximize their potential revenue streams.
“We expect several upcoming projects and partnerships that will combine our creative and marketing expertise to bring exciting offerings to the NFT marketplace.”
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