Major League Baseball is releasing new 2023 season digital collectibles with Candy Digital, the NFT startup that’s entering its third season as an official MLB partner. Candy Digital was founded in 2021 as the NFT market surged to new heights, but faced challenges in late 2022 and at the start of this year.

The firm laid off more than one-third of its approximately 100-person team in November 2021, a source confirmed to Decrypt, and then this past January, Fanatics sold its roughly 60% majority stake in Candy to a group led by Galaxy Digital.

In an email sent to Fanatics staff, Rubin wrote, “Over the past year, it has become clear that NFTs are unlikely to be sustainable or profitable as a standalone business.” However, Candy Digital CEO Scott Lawin told Decrypt Wednesday that Fanatics hasn’t entirely pulled out of the startup.

“Fanatics was a fantastic partner and investor to get started with—they’re still an investor in Candy, although at a smaller level,” Lawin said. “We still believe there will be opportunities to work together in the future.”

He added that Fanatics, the sports merchandising giant, is “a physical-first business, they make physical sports memorabilia.” Fanatics bought classic trading card brand Topps, which also

Go to Source to See Full Article
Author: Andrew Cohen

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details