Hall Of Fame Resort's Stock Rallies 30% On NFL NFT Potential

A former SPAC associated with the NFL is spiking on traders calling it a possible NFT play in the future.

What Happened: Hall of Fame Resort & Entertainment Co HOFV is being circulated as a possible NFT play for investors. The company has a working relationship with the NFL in several areas and one Twitter account called the company the next NFT target play.

“Check this news the angle stands out clear as day,” the tweet read. An article from NBC Sports was shared as part of the tweet that said the NFL is working on an NFT strategy.

The NFL has told teams they shouldn’t make their own NFT deals without checking with the league first. The article did not mention any names or call out Hall of Fame Resort & Entertainment.

“We are aware of the NFTs and working to understand them better,” a Hall of Fame Resorts spokesperson told Benzinga Friday.

Related Link: Is Funko The Next Big NFT Winner?

Why It’s Important: NFTs, or non-fungible tokens, are a hot topic in 2021 and investors are looking for companies with exposure to the growing market.

NBA Top Shot is one of the top-performing NFT markets available to collectors and has helped monetize the fanbase. The NFL appears ready to do the same. Several players including Rob Gronkowski and Patrick Mahomes have already launched their own individual NFTs.

The NFL could be looking to replicate the success of NBA Top Shot with its own NFT platform. Hall of Fame Resorts is a partner with the NFL but does not have experience in the blockchain market.

“We know that we have incredible content and are always looking at different ways to monetize our assets,” the Hall of Fame Resorts spokesperson told Benzinga.

Penny stock ImagineAR Inc IPNFF has an existing five-year partnership with the NFL to launch mobile interactive products under a revenue-sharing model.

“We are honored to be selected as the augmented reality platform solution for the NFL Alumni Academy for five years,” ImagineAR CEO Paul Silverrstieen said.

See also: What is a Non-Fungible Token (NFT)?

Dapper Labs, which powers NBA Top Shot, could also look to partner with the NFL on an NFT platform.

Benzinga’s Take: Hall of Fame Resorts has a working relationship with the NFL. At this point, the company has no entry in the NFT market, so the rise in shares is based on speculation of a possible partnership.

The stock traded up 35% to $3.70 at publication time.

Check out Benzinga's recent interview with Micheal Crawford, Chairman, President and CEO of Hall of Fame Resort & Entertainment, in the video below.

Hall of Fame Resorts has several growth plans in place and could become a player in the sports betting market, the company told Benzinga in an interview.

Price Action: Shares of Hall of Fame Resorts are up 28% to $3.52 Friday.