Candy Digital Raises $100M To Expand Its NFT Footprint

Candy Digital, a non-fungible token sports startup, announced today that it has completed a Series A funding round that saw it raise $100 million, in a bid to continue its expansion in the NFT space. 

The recently-concluded funding was co-led by Insight Partners and SoftBank Vision Fund 2, with participation from other notable investors including Connect Ventures, Will Ventures, Gaingel, and Athletes Syndicate, among others.

According to Reuters, the fresh capital injection values the Toronto-based firm at $1.5 billion. 

Candy Digital’s NFT Journey 

Candy Digital launched in June as the official NFT partner of Major League Baseball (MLB). The firm was co-founded by Michael Rubin, CEO of popular merchandise retailer Fanatics, Galaxy Digital CEO Mike Novogratz, and serial entrepreneur Gary Vaynerchuk.  

Candy Digital’s NFTs are minted on Palm, an Ethereum sidechain, and the firm is currently developing the MLB NFT ecosystem, an initiative that will enable sports fans to buy and trade licensed digital tokens. 

Before the end of the month, Candy Digital will release a digital pack of MLB non-fungible tokens collectibles, with other MLB-related NFTs planned to be launched in the coming weeks. 

Meanwhile, Fanatics, one of the companies backing Candy Digital, is also seeking to expand its offerings to include online betting, NFTs, and trading cards, to attain its vision of developing a global digital sports platform. 

Fanatic recently raised $350 million to push its valuation to $10.4 billion, with the firm seeking to usurp other established brands in becoming the best digital sports provider. 

The investment suggests that there is still a growing appetite among investors for NFT businesses, especially in the sports and gaming niches. 

NFTs have received a lot of attention this year with celebrities and seasoned investors trooping into the space to have a slice of the massive opportunities. 

Interestingly, the growing interest in NFTs is evident in the transaction volume, which surged above $10 billion in the third quarter of 2021. 

Although there are different types of NFTs, sports and gaming happen to be the hottest niches that have continued to lure several investors. 

Coinposters reported that Animoca Brand, a Hong Kong-based NFT gaming developer, raised $65 million, to increase its products and offerings as well as acquire licenses for famous intellectual properties.