Fanatic sells 60% stake in Candy Digital amid 'imploding NFT market'

NFT startup Candy Digital will be acquired by an investor group led by Mike Novogratz’s Galaxy Digital.

Fanatics was started in 2011 and has become a known name in sports merchandising and e-commerce, valued at $31 billion.However, the crypto bear market has hit the NFT sector hard in 2022, and Rubin’s firm is seemingly now looking to turn away from “standalone” NFT businesses.Galaxy Digital will be purchasing the stake in Candy Digital, according to CNBC.

He stated that divesting ownership in Candy Digital “allowed us to ensure investors were able to recoup most of their investment via cash or additional shares in Fanatics.”

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