Fanatics to Sell 60% of Candy Digital Stake Amid Struggling NFT Market
Fanatics, the retailer specializing in licensed sports merchandise, is divesting 60% of its stake in the non-fungible token (NFT) company Candy Digital, according to reports. The company is selling its Candy Digital stake to an investor group associated with billionaire Mike Novogratz and his firm, Galaxy Digital. After a rough 2022 in the non-fungible token (NFT) industry, licensed sports merchandise firm Fanatics has decided to sell 60% of its Candy Digital shares, according to a CNBC report published on Jan. 4, 2023. CNBC obtained an internal email citing Fanatics CEO Michael Rubin. The news of Fanatics dropping 60% of its stake in Candy follows the NFT company reportedly laying off.
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