Fanatics “pass” on NFTs. The company is dedicated and focused on sports e-commerce merchandising clubs and competitions, Fanatics has sold its 60% stake in Candy Digital, the nonfungible token (NFT) platform he founded in June 2021 with Novogratz and digital media entrepreneur Gary Vaynerchuk. The amount of the surgery is not disclosed.
Among the reasons for the sale, Fanatics CEO Michael Rubin explained that “the NFT market is exploding and The sustainability of NFTs as a stand-alone business raises more and more questions“.
In addition, Rubin added that “in addition to the physical collections that drive 99% of the business, we believe that: digital products will have more value and useful when connected to physical collectors to create the best collector experience.”
This market movement is contextual framework for cryptocurrency market recovery and in particular sports NFTs. Monthly sales of NBA Top Shot, the leading sports NFT product, fell to $2.2 million in December 2022, peaking at $224 million in February 2021.
Rubin also emphasized The inability of Fanatics and Candy Digital to integrate culturally “Thanks to shareholders with opposite goals and objectives,” as he assured.
Fanatics closed a $700 million investment round in December 2022
In December 2022. Fanatics has closed a $700 million investment round, the value of which increased to 31,000 million dollars. In March, the company also raised $1.5 billion in an investment round led by BlackRock-led Fidelity Management&Research and Michael Dell’s firm MSD Capital LP.
The company, chaired by Michael Rubin and listed on the stock market since 2020, It has 112 stores across Europe and five factories in the United States. who produce all the merchandise for the major American leagues as well as important clubs in Europe such as Chelsea FC. In total, Fanatics operates fifty stores in sports venues and manages e-commerce for more than three hundred high-profile sports organizations.
The group also operates stores in sports venues and manages the e-commerce platforms of over three hundred sports organizations. Last October, Fanatics was awarded e-commerce for the Olympics until 2028.