- NASDAQ:BBIG tumbled by 11.17% erasing its gains from the previous session.
- Meme stocks sell off as market volatility makes its return.
- Some industry heavyweights are backing a new NFT platform called Eternal.
NASDAQ:BBIG fell hard on Tuesday, just one day after the Blockchain-based company saw a gain of more than 10% to start the week. Shares of Vinco Ventures fell by 11.17% on Tuesday, and closed the trading session at $6.20. The sell off came during a bloody session for the broader markets, as the NASDAQ tumbled by 2.8% in its worst session since March. The Dow Jones dropped by 569 basis points and the S&P 500 fell by 2.04% as the 10-year bond yield climbed to an intraday high of 1.57%, it’s highest mark since June. Tech sectors were battered during the session as the ongoing budget stalemate in Washington DC sparked more fear for the markets.
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Meme stocks also sold off alongside the tech sector as the highly volatile stocks are usually the first to pullback during a bearish session. AMC (NYSE:AMC), GameStop (NYSE:GME), ContextLogic (NASDAQ:WISH), and SmileDirectClub (NASDAQ:SDC) were all trading well into the red on Tuesday. It was a stark contrast from Monday’s session where meme stocks seemed to be rebounding from last week.
BBIG stock forecast
The NFT market remains hot even as the price of cryptocurrencies like Ethereum dropped on Tuesday alongside the broader equities markets. On Tuesday, it was reported that the largest cryptocurrency exchange in the U.S., Coinbase (NASDAQ:COIN), would be investing alongside billionaire Mark Cuban in a new NFT platform called Eternal. This platform is set to create NFTs out of videoclips of popular streamers on the platform Twitch, which is owned by Amazon (NASDAQ:AMZN).
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