Vinco Ventures, Inc. (BBIG) stock a mergers and acquisition company focused on digital media space and consumer brands has extended its period to close the merger with ZASH Global Media till May 28, 2021. The renewed duration will provide the parties with a longer time span to declare a final contractual agreement and restructure both the party’s conditions for the merger including the finalization of an audit of Singapore-based Lomotif Private Limited, which ZASH will be acquiring side by side with Vinco Ventures Inc.
The completed merger will bring ZASH public and also give Zash the majority shares in Vinco Ventures in addition to Lomotif, which is the main rival of TikTok.
BBIG Stock Volatile Due to NFT Speculations
A large number of users of social media such as Twitter have placed a bet on BBIG as potentially an NFT stock. However, there’s no official announcement from the company to create NFTs. This has created speculation among various investors due to which the stock price surged a few days ago due to unremunerated rumors.
An NFTs is a non-fungible token. These are special cryptocurrency tokens that represent a unique digital item. The tokens can be used to buy and sell digital media. NFTs can represent digital files such as art, audio, videos and are stored on a digital ledger called blockchain, the same ledger which is used for cryptocurrency such as BTC.
Vinco Ventures, Inc. (Nasdaq: BBIG) operates in the lucrative field of digital goods. Recent buzz on social media has suggested that the company is expected to get into the NFT space, however, the official stance of the company is still unknown. BBIG long-term revenue growth and the rising stock price have proven to be a success and an expected investment in NFT’s has peaked investor expectation for the company. Furthermore, the acquisition of Lomotif, the direct competitor of TikTok has given the company a competitive advantage over its peers.