Dolphin Entertainment stock more than doubles after forming new NFT division

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Shares of Dolphin Entertainment Inc.
DLPN,
+161.29%
more than doubled in active morning trading Tuesday, after the entertainment marketing and content development company said it was entering the non-fungible token (NFT) market. Trading volume ballooned to 13.5 million shares, compared with the full-day average of about 571,000 shares over the past 30 days, according to FactSet. The company said it has formed a new division dedicated to designing, producing, releasing and promoting NFTs for the company and its clients, within the film, TV, music, gaming, foods and technology industries. “NFTs, whether as digital art in their own right, or as collectibles, or simply as promotional items, have entered the realm of pop culture and entertainment, which is where Dolphin lives,” said Chief Executive Bill O’Dowd. “We expect several upcoming projects and partnerships that will combine our creative and marketing expertise to bring exciting offerings to the NFT marketplace.” The stock, which soared 125.7% toward the highest close since October 2018, has rocketed 261.8% year to date, while the S&P 500
SPX,
+0.05%
has gained 4.8%.