Hall of Fame Resort & Entertainment Company (NASDAQ: HOFV) and Dolphin Entertainment, Inc. (NASDAQ: DLPN) are the biggest movers premarket on Wednesday after they announced a partnership to offer non-fungible tokens (NFTs) that will allow fans to buy and sell exclusive content developed by HOFV and its partners.
The company said the deal provides the company with another way to generate revenue from its media division.
HOFV shares are up 71.46% premarket at $6.91, while Dolphin Entertainment’s share price has climbed 61.97% to $29.69.
Resort, entertainment and media company HOFV’s entry into NFT’s “is a reflection of the overwhelming demand for this relatively new form of purchasing digital art and media,” according to the company.
They expect their first NFT offering will be connected to its Heisman 2 Hall platform.
“The significant progress we have made on our strategic initiatives since going public in July 2020 has allowed us to be in a position where we can offer individuals the opportunity to own NFTs associated with original content centered on professional football,” commented Michael Crawford, President and CEO of HOFV.
“This partnership will provide us with another opportunity to unlock additional value from the one-of-a-kind media projects we have in development,” he added.
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