Why Hall of Fame Resort & Entertainment Stock Sank 18.3% Last Month

Shares of Hall of Fame Resort & Entertainment (NASDAQ: HOFV) dipped 18.3% in April, according to data from S&P Global Market Intelligence. The stock has posted big gains thanks to excitement surrounding its entry into non-fungible tokens (NFTs), but the NFT craze seemed to cool off a bit last month, and some companies with substantial exposure to the space saw their valuations pull back. Hall of Fame Resort & Entertainment's core business revolves around football-related resort and entertainment experiences, but the company's push into the NFT space has actually been generating more excitement.