Fanatics is divesting its 60 per cent equity stake in non-fungible token (NFT) company Candy Digital and selling its interest to an investor group led by cryptocurrency merchant bank Galaxy Digital, according to industry sources and multiple reports.
Formed less than two years ago and involving one of the one of most prominent and successful executives anywhere in the sports industry in Fanatics chief executive Michael Rubin, Candy Digital represented a particularly high-profile entry into the space. But after a highly turbulent period for NFTs overall during 2022, Rubin soberly has told employees in an internal email that "over the past year, it has become clear that NFTs are unlikely to be sustainable or profitable as a standalone business."
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