The match began in lively fashion, with Wolves marauding forward and troubling their beleaguered opponents in the early stages.
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After some early pressure, Blackpool goalkeeper Joe Lewis was forced to punch away two dangerous corner kicks in the first seven minutes, with the Tangerines defence working overtime to restrict Wolves to little more than tentative crosses.
Just after the quarter-hour mark, Nathan Delfouneso side-footed a volley over the bar in a rare Blackpool foray into the Wolves area.
John Lundstram's resulting effort from the set piece, however, flew wildly over the bar.
The second half saw Blackpool step up their performance and, within four minutes of the restart, Anthony McMahon struck into the Wolves side-netting.
Blackpool continued to push for a winner, with Lundstram attempting to catch Ikeme off his line with a cheeky effort which proved wayward in the end, and McMahon forced a good save out of the Wolves stopper with a forceful header.
A late rally by the visitors made things difficult for the Tangerines, but Jose Riga's side were able to hold on for a valuable point, which sees them come off the foot of the table.