Vinco Ventures Looks Set To Soar on NFT Growth and Demand for Viral Content
BBIG stock has risks but the idea of digital assets ownership isn’t going away
In many ways Vinco Ventures (NASDAQ:BBIG) stock perfectly epitomizes everything young investors look for. The selective acquisitions company maintains a focus on digital media and content technologies. BBIG stock recently skyrocketed from the $3 range to eclipse $10 over a span of just over a week.
A lot of that move has to do with the white-hot non-fungible tokens (NFT) space and Vinco Ventures’ position therein. The truth is that in the current turbulent market, BBIG stock certainly can rise higher.
There are plenty of signals that indicate that is the case. But at the same time, this is a gambler’s stock to be sure. However, if you want NFT exposure and potential to move upward quickly, Vinco Ventures is worth your time.
BBIG Stock Just Getting Bigger
In a way, Vinco Ventures already is big. Its meteoric rise over the past two weeks has taken it from a relatively unknown company, to one now garnering lots of press attention. That rise has seen prices more than triple during the same period.
But the company has a plan to become bigger. That plan is underlined in its growth strategy which follows the acronym BIG: Buy, Innovate, Grow.
Admittedly, that does seem vague. But the truth is Vinco Ventures has already been tapped as a future leader in the nascent, but burgeoning NFT space.
Some of its current clout can be attributed to former hedge fund manager turned Twitter (NYSE:TWTR) sage, Will Meade. Back on Aug. 25 he tweeted that Vinco Ventures was “the only true NFT play” among the hot NFT stock sector. The timing of his tweet coincided with BBIG stock’s meteoric rise.
Two days later it had effectively doubled in price and would triple days later. It’s hard to credit the shift in sentiment solely to Meade, but it does seem he played a major role.
You can argue that the investment logic here is flawed or even dangerous. But you can’t argue that influencers like Meade have changed demand dynamics underpinning the stock market. And the bigger notion here is that investors are eager to not only understand NFTs but also to invest in them. So when Meade essentially vetted BBIG stock it became a clear leader in the space.
That leads to the question of what Vinco Ventures does as it relates to NFTs.
Growing Presence in NFT Space
Back in April Vinco Ventures acquired a company called Emmersive Entertainment. Utilizing assets from the company, Vinco Ventures developed something called the EVNT platform which operates the company E-NFT.com. That company sells NFTs, including the first album to go platinum on the blockchain in Tory Lanez’s “When It’s Dark.”
This is such a nascent format that it is difficult to understand what companies like E-NFT.com do at times. But a recent Forbes article attempts to provide clarity, or at least praise: “E-NFT.com is a new streaming platform designed specifically for NFT music that allows artists to restore creative control while still ensuring fair compensation.
With a $1 purchase price, it provides fans with cheap access to distinctive music by major performers. Emmersive Entertainment, is removing a barrier that many musicians face: fighting for years to obtain the rights to their own music/content.”
The other important thing to know about Vinco Ventures is that it is 80% owner of Lomotif. Lomotif offers much of the same functionality of Tik-Tok and could prove a massive springboard for the company moving forward.
Risky but Worth It
Is an investment in BBIG stock risky? Definitely. And not just in the sense that all investment involves risk. No one knows where NFTs are going. But the idea of ownership of digital assets isn’t going anywhere.
If Lomotif takes off beyond its already impressive 30 million user base and Vinco Ventures can derive profits from this new sector, the sky’s the limit.
On the date of publication, Alex Sirois did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Alex Sirois is a freelance contributor to InvestorPlace whose personal stock investing style is focused on long-term, buy-and-hold, wealth-building stock picks. Having worked in several industries from e-commerce to translation to education and utilizing his MBA from George Washington University, he brings a diverse set of skills through which he filters his writing.
Published By : Investor Place