Sports merchandise firm Fanatics is divesting its stake in nonfungible token (NFT) company Candy Digital as confidence in the asset class wanes.
It also acquired the rights to produce Major League Baseball trading cards and then NFTs following Candy Digital’s launch last year.
Fanatics raised $700 million in fresh capital in December.
The funding will be used on potential merger and acquisition opportunities across its collectibles, sports betting and gaming businesses, according to CNBC.
Cointelegraph reached out for comment from Fanatics and Candy Digital but had not received a reply at the time of publication.
Source: Cointelegraph