Fanatics to sell Candy Digital stake to Galaxy amid slumping NFT market: CNBC

NFT

Fanatics is promoting its majority stake in NFT store Sweet Digital, in keeping with CNBC.

The sports activities merchandising company owned by Michael Rubin is looking for to divest its 60% stake in Sweet Digital, CNBC reported, citing an inside e mail that acknowledged Fanatics could be promoting its curiosity within the NFT firm to “an investor group led by Galaxy Digital.”

Galaxy Digital is run by CEO and crypto billionaire Mike Novogratz.

The transfer comes amid a chronic downturn in digital property, which has seen NFT buying and selling volumes plummet together with cryptocurrency costs.

As soon as valued at $1.5 billion, Sweet Digital laid off a lot of its workers on the finish of final yr. The corporate was based in 2021 and backed by each Novogratz and Gary Vaynerchuk.

Sweet Digital has labored on NFT tasks linked to main manufacturers like Main League Baseball, NASCAR, World Wrestling Leisure and Netflix.

Neither Fanatics, Sweet Digital or Galaxy Digital responded to requests for remark.