Fanatics specializes in licensed sports products. is a retailer. Reportedly sold his 60% stake in Candy Digital, a Non Fungible Token (NFT) company. The company sells shares in Candy Digital to a group of investors associated with billionaire Mike Novogratz and his company, Galaxy Digital.
Sports retail giant Fanatics to sell majority stake in Candy Digital, according to report
A rough picture of the non-fungible token (NFT) industry in 2022. After that, licensed sports merchandise company Fanatics decided to sell its 60% stake in Candy Digital according to a CNBC reportpublished Jan. 4, 2023. .
“The sale of ownership at this time allows investors to recoup most of their investment through cash or additional shares in Fanatics. It’s a positive outcome for investors in the NFT market, where both standalone NFT trading volume and prices have plummeted,” Rubin elaborated in an email allegedly written by Rubin.
The news that Fanatics has sold 60% of Candy’s stake, according to sources familiar with the matter, means that NFT will retire his third of the staff at the end of November 2022. That comes after he reportedly fired more than one of him. with the situation. Fanatics’ founder and chairman further elaborated that the decision to sell Candy shares was “a fairly straightforward and easy decision for us for several reasons.”
“The past year has made it clear that NFTs are unlikely to be sustainable or profitable as stand-alone businesses,” Rubin said in an e-mail. The email explains. “Except for physical collectibles (trading cards) which represent 99% of the business, digital products are becoming more and more popular when connected to physical collectibles to create the best experience for collectors. We believe it brings value and usefulness.”
Fanatics operates several e-commerce sites, including nflshop.com and fanatics.com. In January 2022, the company acquired candy and collectibles company Topps for about $500 million. Like Candy, Topps also offers a number of his NFT collections as well as a unique marketplace for digital collections for brands like Major League Baseball (MLB) and Garbage Pail Kids.
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