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Fanatics Selling Its 60% Stake in Sports NFT Firm Candy Digital

Sports apparel and memorabilia firm Fanatics is selling its 60% stake in sports-focused NFT company Candy Digital to a group led by Galaxy Digital, according to a report from CNBC, citing an internal email obtained by the network.

Fanatics’ CEO Michael Rubin wrote in the internal email that “Divesting our ownership stake at this time allowed us to ensure investors were able to recoup most of their investment via cash or additional shares in Fanatics – a favorable outcome for investors, especially in an imploding NFT market that has seen precipitous drops in both transaction volumes and prices for standalone NFTs.”

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