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Fanatics Sells 60% Of Its Stake In NFT Firm Candy Digital: Here’s Why

Summarized by: Live Sports Direct
 
Fanatics Sells 60% Of Its Stake In NFT Firm Candy Digital: Here’s Why

Fanatics is selling its 60% stake in its NFT company Candy Digital to Mike Novogratz's Galaxy Digital investor group.

Fanatics is selling its 60% majority stake in Candy Digital to Galaxy Digital. Candy digital launched during the bull market of 2021. The company has launched digital collectibles around MLB, Netflix, WWE, and even Nascar teams. In late 2022, the demand for sports NFTs fell drastically low. In February 2021, monthly sports nfl sales highs hit $225 million.

Fanatics sells 60% of its stake in NFT firm Candy Digital. Candy was not a good fit in Fanatics' ecosystem. The company received $700 million in fresh capital in December to expand its collectibles, betting and gaming businesses. The N FT market has shrunk during the long crypto bear. There are now only 15,000 NTF sales compared to 100,00 sales in January 2022.

Fanatics sells 60% of its stake in NFT Firm Candy Digital.

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