CNBC reported that Fanatics is selling its majority stake at NFT shop Candy Digital.
The sports merchandising competitionany 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 operated by bMike Novogratz, a crypto billionaire and CEO of y, was interviewed.
This move is occurring amid a long-term downturn in digital assets that has seen NFT trading volumes plummet alongside cryptocurrency prices.
Candy Digital, once valued at $1.5billion, laid off large numbers of its employees at last year’s end. The company was founded by Novogratz in 2021. Gary Vaynerchuk
Candy Digital has been involved in NFT projects that were linked to major brands such as Major League Baseball, NASCAR and World Wrestling Entertainment.
Galaxy Digital, Candy Digital, and Fanatics have not responded to comment requests.