Fanatics’ NFT startup Candy Digital is valued at $ 1.5 billion after investment by footballer Peyton Manning

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Fanatics' NFT startup Candy Digital is valued at $ 1.5 billion after investment by footballer Peyton Manning By Hannah perez

Candy Digital wants to become a reference in sports NFT. He is currently developing the official collectibles platform for Major League Baseball (MLB).

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The sports e-commerce company Fanatics secured a significant funding round for its startup of sports non-fungible tokens (NFT), Candy Digital.

As reported by various news outlets, Candy Digital raised a USD $ 100 million in a funding round that brought its total value to US $ 1.5 billion. The Series A investment round was co-led by Insight Partners and SoftBank Vision Fund 2 and featured the legendary American football athlete Peyton Manning.

Additional participants include Connect Ventures, Will Ventures, Gaingels, Com2Us and Athletes Syndicate through a partnership with Chaos ventures.

MLB’s Official NFT Platform

The collectibles company, which launched in early June, said it will use the capital to expand its NFT offerings on the global sports landscape and accelerate the growth of its workforce. He added that he will take advantage of the funds to “Integrate new sports relationships”And create new experiences for fans.

Candy Digital is building the official NFT ecosystem for the Major League Baseball (MLB). The space that will allow fans and collectors to buy, trade and share officially licensed NFTs. To do this, the company is using the side chain of Ethereum Palm to develop your NFT market.

As part of the agreement, MLB has given you access to Candy to your entire digital catalog, as reviewed CNBC. That means Candy Digital It could take advantage of the strange collectibles of legends like Babe Ruth and Jackie Robinson for their tokenization in the future.

Candy Digital’s association with MLB and MLBPA is a strong indication that fans and collectors want to engage with their favorite sports, music and art in new ways.“, Lydia Jett, partner of SoftBank Investment Advisers.

The company’s other partners include the Major League Baseball Players Association (MLBPA), Race Team Alliance (RTA), and various college athletes. Candy Digital He announced that he will soon launch three new offers linked to the MLB playoffs and the World Series.

Competition grows for sports collectibles

The president of Fanatics, Michael Rubin, has highlighted that wants to position Candy Digital as one of the important pieces of the digital sports platform of Fanatics, as the company is looking beyond the «merchandising » sports.

The company’s efforts could soon convert Candy in the main competitor of the company Dapper Labs within the sports NFT space. Dapper Labs is the collections company behind the official NFT project of the National Basketball Association (NBA), called NBA Top Shot. The company also attracted recently the rights of the National Football League.

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Collection sales NBA Top Shot has exploded in recent months, positioning itself as one of the main projects in the NFT space with a volume of more than USD $ 700 million, according to data from DappRadar. The growth coincides with the recent frenzy for NFTs, an industry that has posted a record $ 10.7 billion this year.

More and more professional sports teams are turning to the NFT industry as an alternative to seek new sources of income, as well as to explore innovative ways to engage with fans.


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Sources: CNBC, CoinDesk, Cointelegraph, DappRadar

Hannah Estefanía Pérez’s version / DailyBitcoin

Image from Unsplash

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