Vinco Ventures (NASDAQ:BBIG) stock is heading higher on Wednesday as investors online speculate about the company’s entering the NFT market.
Quite a few users on Twitter (NYSE:TWTR) are talking about the idea of BBIG as an NFT stock. However, there’s no news suggesting that the company has any plans to create NFTs. Even so, that isn’t stopping the speculation, which is likely behind the rising price for the stock today.
Let’s take a look at some of those Twitter comments about BBIG stock being a potential NFT play below.
NFT: $DLPN, $BBIG, $HOFV, $HOFVW, $PLBY
3D: $DM, $DDD, $AONE
ARK: $RAVN, $FATE, $IONS, $CDXS, $SURF
Hedges: $FNGD, $TECS, $TZA, $SQQQ, $SPXS
Bios: $BCLI, $APTO, $ZOM
Others: $GNUS, $GIGM, $UGRO, $WGO, $HOME
— DCR Charts (@DcrCharts) March 24, 2021
$BBIG can easily pull the same move as $HOFV on any news that states that Vinco Ventures plans on selling NFTs. On top of that, more merger news is imminent. Lots of catalysts for $BBIG hopefully we see a run today
— Arya (@hypedvibes54) March 24, 2021
— Brian Jones (@TraderBJones) March 24, 2021
Took some $BBIG small at $3.45 to see if this thing might run with the NFT craze
— Chris Klein (@cjklein85) March 23, 2021
$BBIG volume was ridiculous today. This was over $9 a share at the end of January. Could see a gap and go here tomorrow…Plus it’s a merger play so double the odds at one of the companies dropping NFT news. 😭
— Waystar Royco intern (@RothlRA) March 24, 2021
For investors that aren’t up to date on NFTs, it stands for non-fungible tokens. These are special cryptocurrency tokens that are made in limited amounts, typically only one each. The tokens are used to buy and sell art online. That doesn’t just cover digital art, either. The tokens can also be used to represent physical art as well.
Investors have been chomping at the bits for more NFT stocks to invest in on the current hype. That’s resulted in companies without any NFT plans, such as Vinco Ventures, getting dragged into the hype on speculation.
The idea that BBIG stock could go NFT has shares seeing heavy trading today. As of this writing, more than 12 million shares of the stock have changed hands. To put that into perspective, the stock’s daily average trading volume is closer to 5.6 million shares.
Vinco Ventures is a mergers and acquisition company preparing for a combination with ZASH Global Media and Entertainment. This would set it up as a rival for TikTok with the help of Lomotif.
BBIG stock is up 16.7% as of Wednesday afternoon. The stock is also sitting 191.2% higher since the start of the year.
Vinco Ventures is nowhere close to the only company getting a boost from all the recent NFT news.
Loads of other companies are seeing their shares soar higher lately as investors dive in hoping to profit off of the NFT whirlwind. Among them are Dolphin Entertainment (NASDAQ:DLPN), Hall of Fame Resort & Entertainment (NASDAQ:HOFV) and more. Let’s check out the latest NFT news below.
- DLPN, HOFV: 6 Things to Know About the Dolphin Entertainment & Hall of Fame NFT Deal
- CIDM Stock: Why Is Cinedigm Now Considered an ‘NFT Stock’?
- YVR Stock News: Why Potential NFT Stock Play Liquid Media Is Rocketing Higher
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.