Fanatics Cashes Out of Candy Digital
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Fanatics is selling its 60% stake in the NFT sports collectibles company Candy Digital, according to a CNBC report that referenced an internal email sent by Fanatics CEO Michael Rubin. The stake is being sold to an investor group led by Galaxy Digital, the crypto merchant bank led by Mike Novogratz. Also included in the round was ConsenSys, ConsenSys Mesh and 10T Holdings. Terms of the fundraise were not disclosed.
Why It Matters: Fanatics is one of the largest online manufacturers of licensed sportswear and collectibles. The company now believes that NFTs are best utilized as an "integrated product/feature" that connects digital and real world items, rather than functioning as a standalone business.
Need to Know:
- Candy Digital raised a $100 million Series A round in October 2021, valuing the company at $1.5 billion.
- Candy Digital has formed partnerships with Getty Images, Netflix, the Race Team Alliance, and the WWE, and has raised additional funding following partnerships and expansions in the NFT market, including with Major League Baseball and the Major League Baseball Player Association.
- Candy Digital will work with ConsenSys Mesh and ConsenSys to increase web3 functionality on its platform.
🕳️ Go Deeper:
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