A company called Hall of Fame Resort & Entertainment has seen its stock explode over the past week.
Market-watchers and football fans alike are suddenly keeping a keen eye on Hall of Fame Resort & Entertainment Co. The stock ($HOFV) enjoyed a 32% rally on the NASDAQ Monday, and has nearly doubled in value in the span of a week. Why? Investors are giddy with speculation over a possible lucrative NFT deal between the company and the National Football League.
And it might have all started with one blink-and-you’ll-miss-it tweet.
So much of this current momentum is built on rumors, but the NFL has legitimately been working on an NFT strategy, as the success of NBA Top Shot has caught the attention of both players and league officials. Patrick Mahomes and Rob Gronkowksi recently released NFTs of their own, bringing in a combined $5 million through their own digital collectibles auctions.
And they won’t be the last to do so.
The NBA has led the way within US sports when it comes to crypto-backed commerce far, but other leagues catching up is simply a matter of when and not if. The Oakland Athletics have already announced that they’ll accept one bitcoin in exchange season-long access to a stadium suite at RingCentral Coliseum, a move that’s sure to be emulated in various forms.
The NFL has reportedly told teams that they should not create NFTs without checking in with the league first. That could amount to solid evidence that a big announcement, perhaps of the league-wide, exclusive variety, is coming soon.
Those prospecting on $HOFV stock are certainly betting on exactly that:
It’s worth noting that Hall of Fame Resort & Entertainment, which was created as part of a special acquisitions company (SPAC) merger last summer, isn’t being monitored as a potential NFT partner for the NFL haphazardly. Though the company does not have prior experience with blockchain technology, it has a working relationship with the league,
“We are aware of NFTs and working to understand them better,” a Hall of Fame Resort & Entertainment spokesperson told Benzinga.
While no NFT big-money partners on the level of NBA Top Shot’s Dapper Labs have been confirmed for the NFL as of this writing, the major speculation-driven boost that Hall of Fame Resort & Entertainment has enjoyed over the last six days and counting is a sign of the optimism that Wall Street investors have in the NFT market to expand into every sport in due time.