Fanatics sell 60 % of the Candy Digital share in the middle of the fighting NFT market-
Fanatics sell 60 % of the Candy Digital share in the middle of the fighting NFT market-
fanatic, the retailer specializing in licensed sporting goods, reports 60 % of his participation in the non-fungal token (NFT) company Candy Digital. The company sells its share of Candy Digital to an investor group that is connected to the billionaire Mike Novogratz and his company Galaxy Digital.
report states that fanatic of sports retailers sell the majority of the shares in Candy Digital
After a hard year 2022 in the industry of non -funny tokens (NFT), licensed sporting goods company fanatiker has decided to sell 60 % of its parts to Candy Digital, so a cnbc report published on January 4. January 2023. CNBC received an internal email in which fanatic CEO Michael Rubin was quoted.
"By selling our own share at this point, we were able to ensure that investors were able to recover most of their investment in cash or with additional shares in fanatic-a favorable result for investors, especially in an imploding NFT market that has experienced a steep decline in both transaction volumes Prices for independent NFTS ”, the email that was allegedly written by Rubin.
The news that fanatics dropped 60 % of its share of candy, according to the company NFT deploy more than a third of his workforce at the end of November 2022. The founder and executive Chairman from Fanatics continued that the decision to sell his candy shares was "a fairly simple and easy decision for us" for several reasons.
"Over the past year, it has become clear that NFTS is probably not sustainable or profitable as an independent business," explains Rubins email. "Apart from physical collector's pieces (collecting cards), which drive 99 % of the business, we believe that digital products will have more value and usefulness if they are connected to physical collectors to create the best experience for collectors."
fanatics operates several e-commerce sites, including nflshop.com and fanatics.com. In January 2022, the company acquired the confectionery and collector's company Topps for around $ 500 million. Like Candy, Topps also offers a number of NFT collections and its own marketplace for digital collectibles for brands such as Major League Baseball (MLB) and garbage bucket children What do you think that Fanatics has sold 60 % of the company's Candy Digital shares? Let us know your opinion on this topic in the comment area below. Bedy verification : Shutterstock, Pixabay, Wiki Commons, editorial image rights: II.Studio/Shutterstock.com 