The crypto revolution has taken Wall Street by storm, and as you’d expect with cutting edge technology, many of the companies looking to innovate in the crypto space are among those you’ll find within the Nasdaq Composite (NASDAQINDEX: ^IXIC). In particular, non-fungible tokens (NFTs) have become a red-hot item in recent weeks, with auctions of artwork tied to NFTs bringing in tens of millions of dollars.
Investors always want to find ways to take advantage of big trends, and while investing directly in NFTs is always an option, another way is to find the companies that are helping to make the NFT craze a reality. One Nasdaq stock, Hall of Fame Resort & Entertainment (NASDAQ: HOFV), is getting a huge boost on Monday even as the Nasdaq Composite itself was down, and it’s in position to keep doing well as long as demand for NFTs remains high. Meanwhile, two other stocks — Funko (NASDAQ: FNKO) and Jiayin Group (NASDAQ: JFIN) — took a pause on Monday, but some hope that they’ll also be able to make a big splash in the NFT world in time.
Shares of Hall of Fame Resort & Entertainment moved higher by 17%. The company’s recent partnership with Dolphin Entertainment to produce football-themed NFTs got noticed again as Wall Street analysts had favorable views of the partnership.