Sports merchandise giant Fanatics has announced that it has sold off its majority stake in NFT (non-fungible token) startup Candy Digital.
Candy Digital, founded in 2020, specializes in creating and selling NFTs for sports and entertainment properties. NFTs are digital assets that are unique and cannot be exchanged for other assets. They are often used in the trading and collecting of digital art and collectibles.
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Fanatics first invested in Candy Digital in 2020, with the goal of using NFTs to expand its product offerings to include digital collectibles and other innovative merchandise. However, it seems that the partnership did not pan out as planned, as Fanatics has now decided to sell off its majority stake in the company.
It is not clear why Fanatics has chosen to sell its stake in Candy Digital, and the company has not commented on the matter. However, it is possible that the sports merchandise giant may be looking to focus on other areas of its business or invest in different technologies.
Despite the sale, Fanatics will still retain a minority stake in Candy Digital, indicating that it may still have some interest in the NFT space. It remains to be seen how Candy Digital will fare without the support of its major investor.
Overall, the sale of Fanatics’ majority stake in Candy Digital serves as a reminder of the unpredictable nature of the NFT market. While NFTs have gained significant attention and investment in recent years, they are still a relatively new and untested technology, and it is not uncommon for projects to face challenges or shifts in direction.
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