Fanatics sheds 60% stake in NFT company Candy Digital

Finance News

Fanatics is divesting its 60% stake in its NFT company Candy Digital. The decision comes through owing to the downturn of the industry in the bear market. The Michael Rubin led company held the majority stake on the sports NFTplatform.

Candy Digital is now being sold to Mike Novogratz’s Galaxy Digital investor group. Read on to learn more about why the shift in hands is taking place.

“Over the past year, it has become clear that NFTs are unlikely to be sustainable or profitable as a standalone business,” wrote Rubin in the email. “Aside from physical collectibles (trading cards) driving 99% of the business, we believe digital products will have more value and utility when connected to physical collectibles to create the best experience for collectors.” said Michael Rubin.