Sports NFT Firm Candy Digital Lays Off Over 30% Staff

Italy Embraces the Crypto Art Renaissance to Boom Its NFT Market
  • Candy reportedly fired more than 30 of its 100-person staff.
  • The firm secured $100 million at a $1.5 billion value in October 2021.

According to reports, a huge number of employees at Candy Digital, a sports and entertainment NFT firm that was created in 2021 and grew to a value of $1.5 billion the same year, were let go today.

Sportico was the first to break the story. That Candy had fired more than 30 of its 100-person staff, citing unnamed individuals close to the firm. Community Content Manager Matthew Muntner confirmed through Twitter that he is on that list.

Sluggish NFT Market

Candy Digital was created in June 2021 by Mike Novogratz (founder and CEO of Galaxy Digital), Gary Vaynerchuk (entrepreneur and investor), and Michael Rubin (executive chairman of sports merchandising business Fanatics). Fanatics was portrayed as the company’s biggest shareholder. And it was said that the company would use its current clientele to market Candy.

In October 2021, Candy Digital reported its Series A round. Sponsored by Insight Partners and Softbank’s Vision Fund 2, had secured $100 million at a $1.5 billion value. Fanatics is independently operated and the sports goods company is not engaged in Candy’s day-to-day operations.

Beginning with the formal license from Major League Baseball, Candy has marketed several MLB-themed collections. The company has now expanded into other sports licensing, including deals with WWE, all of NASCAR’s teams (though not the league itself), and a variety of collegiate players.

Moreover, the firm has also branched out into digital collectibles related to the entertainment industry, such as the many “Stranger Things” NFTs that have resulted from the company’s collaboration with Netflix. 

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