Cryptocurrency Mining Could Be the Key to Success for Vinco Ventures

One could describe New York-based Vinco Ventures (NASDAQ:BBIG) as a holding company, but there’s really much more to it than that. Among other things, what BBIG stock holders like about Vinco is its willingness to buy, innovate, and grow tech-enhanced businesses.

a photo of someone typing on a laptop on a wooden table with computer-related images

Source: My Life Graphic/Shutterstock.com

It’s fair to say that Vinco is a business in transition. For one thing, the company’s board is changing the name of Vinco Ventures to ZASH.

Also, Christopher Ferguson, Vinco Ventures’s former chief executive officer (CEO), will serve as senior strategic advisor with ZASH. Even beyond the company’s name change and some C-suite shuffling, there’s a deeper-level transition afoot.

Moreover, it’s a change that should pique the interest of blockchain enthusiasts. If you’re on board with that, then let’s delve into the latest developments with the never-dull Vinco Ventures.

BBIG Stock at a Glance

Maybe it was due to a massive Reddit-fueled short squeeze, or maybe it wasn’t. Either way, it was astounding when BBIG stock ran from $2.19 in August to $12.49 in September.

We’re not here to judge — only to report. Still, it’s hard to justify a share-price move of that magnitude without an accompanying piece of company-specific news. Thus, BBIG stock was practically destined to cough up those gains. By the middle of December, the share price was back to around $3.

That’s a significant level, as the Vinco Ventures share price stayed near $3 for much of 2021’s first half. It’s a comfortable price point for this stock, apparently.

The point here is that BBIG stock is volatile, but is also capable of swift rallies. Furthermore, $3 could be a reasonable buy price for the stock, as it appears to be closer to the bottom than the top.

Not Just Crypto

Before we jump into the blockchain, let’s not forget that Vinco Ventures is a diversified holding company. Cryptocurrency mining will be essential to Vinco’s business model, as we’ll discover in a moment. Yet, the company isn’t solely focused on crypto.

Among Vinco’s most significant investments is a company called Lomotif. Through a joint venture known as ZVV Media, Vinco Ventures controls a sizable interest in Lomotif.

Vinco Ventures CEO Lisa King described Lomotif as “a global, pure play videosharing social networking platform.” An investor deck claims that Lomotif has over 31 million on-platform monthly active users, which is quite impressive.

Could Lomotif be the “next TikTok,” or at least a serious rival? It’s conceivable, as Lomotif recently launched in India and worked there with Social Kyte, a popular influencer platform with over 90,000 member influencers.

Rising “Tyde” of Crypto Mining

While Lomotif could prove to be a highly profitable investment for Vinco, the most buzz-worthy news surrounding Vinco Ventures is related to the blockchain.

Not long ago, Vinco subsidiary Cryptyde launched a joint venture known as CW Machines LLC with Bitcoin (CCC:BTC-USD) mining equipment and services provider Wattum Management.

Just to provide some background, Cryptyde is “focused on leveraging blockchain and smart contract technologies in consumer based markets.” The company has a deep interest in non fungible tokens (NFTs). For example, Cryptyde launched recording Artist Tory Lanez’s album “When It’s Dark” on the E-NFT.com platform. “When It’s Dark” reportedly was the first album to go platinum on the blockchain with over 1 million units sold.

With the aforementioned joint venture, however, Cryptyde is surfing the tide of blockchain interest through a crypto-mining venture. Apparently, CW Machines is focused on simplifying consumer ownership of Bitcoin-mining equipment through the integration of smart-contract technology. CW Machines also intends to simplify the often intimidating crypto-mining process while providing an affordable entry cost for U.S. consumers.

The Takeaway on  BBIG Stock

Between Lomotif and CW Machines, there’s a lot for prospective Vinco Ventures investors to consider.

If you’re not a fan of social media and/or the blockchain, then BBIG stock probably isn’t up your alley. However, if you can envision strong growth prospects for these business enterprises, then consider adding a few Vinco Ventures shares to your tech-centered holdings.

Vinco Ventures currently has a grade of “B” in my Portfolio Grader.

On the date of publication, neither Louis Navellier nor the InvestorPlace Research Staff member primarily responsible for this article held (either directly or indirectly) any positions in the securities mentioned in this article.

Louis Navellier, who has been called “one of the most important money managers of our time,” has broken the silence in this shocking “tell all” video… exposing one of the most shocking events in our country’s history… and the one move every American needs to make today 

Read More:Cryptocurrency Mining Could Be the Key to Success for Vinco Ventures