Fanatics is divesting its 60% stake in NFT company Candy Digital
Publishing timestamp: 2023-01-04 21:18:32
Summary
Michael Rubin's sports platform company Fanatics is divesting its 60% stake in NFT company Candy Digital, according to internal email obtained by CNBC. Fanatics, who previously held majority share of Candy Digital, will be selling its interest to investor group led by Galaxy Digital, crypto merchant bank led by Mike Novogratz. The divesture is due to the decline in valuation and popularity of sports NFTs amid the 'crypto winter' and Fanatics' desire to focus on physical collectibles.
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Keywords: blockchain, cryptocurrency, netflix inc, business news, technology, retail industry, world wrestling entertainment inc, sports,