Fanatics to sell Candy Digital stake to Galaxy amid slumping NFT market: CNBC

Fanatics is selling its majority stake in NFT shop Candy Digital, according to CNBC.

The sports merchandising company owned by Michael Rubin is seeking to divest its 60% stake in Candy Digital, CNBC reported, citing an internal email that stated Fanatics would be selling its interest in the NFT company to “an investor group led by Galaxy Digital.”

Galaxy Digital is run by CEO and crypto billionaire Mike Novogratz.

The move comes amid a prolonged downturn in digital assets, which has seen NFT trading volumes plummet along with cryptocurrency prices.

Once valued at $1.5 billion, Candy Digital laid off a large number of its employees at the end of last year. The company was founded in 2021 and backed by both Novogratz and Gary Vaynerchuk.

Candy Digital has worked on NFT projects linked to major brands like Major League Baseball, NASCAR, World Wrestling Entertainment and Netflix.

Neither Fanatics, Candy Digital or Galaxy Digital responded to requests for comment.

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Source: https://www.theblock.co/post/199477/fanatics-to-sell-candy-digital-stake-to-galaxy-amid-slumping-nft-market-cnbc?utm_source=rss&utm_medium=rss