Company tied to football Hall of Fame embraced SPACs and NFT. A tale of two bubbles?
CBSN
A company with ties to the Pro Football Hall of Fame in Canton, Ohio, benefited from not only one apparent investment bubble, but from two. Now the air is leaking fast.
Hall of Fame Resort & Entertainment went public in July through what is known as a reverse merger with a "blank check," or special purpose acquisition company (SPAC), allowing the company to quickly raise $75 million in capital. Investing in SPACs has been a hot trend on Wall Street over the past year, opening the door to hundreds of companies going public. The resort and media company also hopped on another recent bandwagon: It announced in March that it was getting into non-fungible tokens, or NFTs — unique digital assets that have spawned a boom in so-called digital collectibles. CEO Michael Crawford said NFTs would allow the company to "unlock additional value" and that it was going to focus on the growing digital collectibles market.
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