Fanatics sells majority stake in NFT shop Candy Digital amid slumping digital assets market.
Mike Novogratz’s Galaxy Digital and ConsenSys Mesh.
New financing buys out Fanatics’ majority stake, although sports merchandising firm retains some ownership.any owned by Michael Rubin is no longer Candy Digital's principal shareholder after a new round of Series A1 financing, according to Candy Digital. The new wave of financing is led by crypto billionaire Mike Novogratz's Galaxy Digital and ConsenSys Mesh.
Fanatics' divestment comes amid a prolonged downturn in digital assets, which has seen NFT trading volumes plummet along with cryptocurrency prices. “We believe that the Candy team is well-positioned to capitalize on the rising demand for NFT products and expand into new industries and markets," said Novogratz in a statement.
Fanatics retains a smaller ownership stake in the NFT company, a Candy Digital spokesman said by email.
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