Hall of Fame Resort & Entertainment Company (NASDAQ:HOFV) rose Wednesday after the company announced a Non-Fungible Token partnership with Dolphin Entertainment.
Dolphin is a leading independent entertainment marketing and premium content development firm, to offer non-fungible tokens that will allow fans of professional football and sports entertainment to buy and sell exclusive content developed by HOFV and its partners. The partnership provides the Company with another way to generate revenue from its burgeoning media division.
"We are thrilled to be partnering with Dolphin, an emerging thought leader in the NFT market, to accelerate our entry into the space," said Michael Crawford, President and CEO of HOFV.
"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. This partnership will provide us with another opportunity to unlock additional value from the one-of-a-kind media projects we have in development."
HOFV’s entry into the NFT space is a reflection of the overwhelming demand for this relatively new form of purchasing digital art and media. HOFV expects that its first NFT offering will be connected to its Heisman 2 Hall platform, created in partnership with Elite Team Holdings, LLC, which represents the exclusive group of only 10 athletes that have won a Heisman Trophy and been inducted into the Pro Football Hall of Fame.
HOFV shares skyrocketed $2.74, or 68%, to begin Wednesday at $6.77.
