in a nutshell
- Sports NFT startup Candy Digital has completed layoffs today, sources confirm Decryption.
- The company has skyrocketed to a $1.5 billion valuation just months after it was founded in 2021, but the NFT market as a whole is struggling in 2022.
Candy Digital in Sports and Entertainment NFTs Fast-growing startup founded in 2021 $1.5 billion valuation That same year, it laid off most of its staff today, a source close to the situation confirmed. Decryption.
Sportico Citing a source close to the company, Candy first broke the news that it had laid off more than a third of its team of about 100 people. murmured That he was included in the departure. Decryption Candy Digital did not immediately respond to a request for comment.
candy digital Established in June 2021 It is led by Michael Rubin, executive chairman of sports products giant Fanatics, Mike Novogratz, founder and CEO of Galaxy Digital, and entrepreneur and investor Gary Vaynerchuk. At the time, Fanatics was the majority owner and said it would leverage its existing customer base to promote Candy.
I hate having to share this as much as I loved my work @candy digital However, I was part of the layoffs that occurred earlier today.
We are immediately looking for new roles in community management, graphic design or related marketing.
Thank you Candy Pham for a great ride ❤️
— Muntner (@muntnerdesigns) November 28, 2022
In October 2021, Candy Digital will Raise $100 million The Series A round, led by Insight Partners and SoftBank’s Vision Fund 2, has reached a valuation of $1.5 billion. DecryptionPlease note that Candy Digital operates independently and the sporting goods company is not involved in Candy’s day-to-day operations.
Candy was launched under an official Major League Baseball license and has sold numerous collections based on the league and its teams. Since then, the company has rolled out other sports licenses, including: Partnership with World Wrestling Entertainment (WWE), All NASCAR Teams (not the league itself), and many college athletes.
The company is also expanding into entertainment-themed digital collectibles, including the Netflix Alliance. Created various Stranger Things NFTscandy too Partnered with Stock Photo Company Getty Images Sell tokenized photos. Candy’s NFT was minted palm, ethereum side chain Communication network.
NFT is blockchain token Represents ownership of unique items, including digital goods such as sports merchandise, artwork, and video game items.The market will expand significantly in 2021, with several $25 billion trading volumeand the momentum continued into early 2022.
Candy Digital is the latest NFT-centric company to face job cuts in recent months as the market lost significant momentum amid the broader crypto market decline and broader macroeconomic turmoil. NFT sales dropped dramatically Since the beginning of the year, total transaction volume in October was down about 87% compared to January. Rating is down.
nba top shot When NFL All Day Manufacturer Dapper Labs, one of Candy’s biggest rivals in the sports NFT space, laid off about 22% of its workforce earlier this month, though it’s unclear how many were affected. Overall NFT Marketplace OpenSea 20% reduction in staff in July.
In addition to its investment in Candy Digital, Fanatics now has an estimated $500 million Historical Trading Card Brand Tops Earlier this year.
