Fanatics is divesting its 60% stake in NFT company Candy Digital

Fanatics is selling its 60% stake in NFT company Candy Digital. Candy was founded in June 2021 in the middle of the sports NFTS boom. It raised $100 million in October 2021. NFS are unlikely to be sustainable or profitable as a standalone business. Dapper Labs laid off 22% of its company in November. The company behind NBA Top Shot and NFL All Day ranked No. 9 on last year's CNBC Disruptor 50 list. Its investors included SoftBank's Vision Fund 2 and Insight Partners. Peyton Manning is a fan of Dappers.

Fanatics is divesting its 60% stake in NFT company Candy Digital. Fanatics has sold its interest in the N FT company to an investor group led by Galaxy Digital, the other original founding shareholder.

Fanatics is divesting its 60% stake in NFT company Candy Digital. Nfts will most likely emerge as an integrated product/feature and not as a standalone business. Fanatics already holds a broader and more significant set of N FT and digital collectibles rights within its Fanatic Collectibles business that came with its trading cards rights.

Fanatics is divesting its 60% stake in NFT company Candy Digital. The company wants to protect its investors' investment. The NTF market is in decline. NFS transactions are down. Investors will be able to recoup their investment via cash or additional shares in Fanatics.

Fanatics is moving quickly when it finds a way to integrate Candy into the Fanatics culture. Fanatic's core values are One Fanatsia…Win As A Team and building, growing and winning as a team. Candy was not fully integrated within the company due to shareholders' competing objectives.