Shares of Hall of Fame Resort & Entertainment (NASDAQ: HOFV) traded more than 10% lower as of 10:45 a.m. EDT after the company announced a new kind of fantasy sports league. The company also continues to be volatile from its announcement last week about jumping into the non-fungible token (NFT) space.
Hall of Fame Resort & Entertainment is a company that seeks to create football-themed resort and entertainment experiences. Shares of the company have spiked recently after it announced it would begin offering NFTs.
NFTs are digital files such as art, video, audio, and other files stored on blockchain, which is the digital ledger technology that powers cryptocurrencies like Bitcoin. Some NFTs have already sold for millions of dollars.