Non-fungible token company Candy Digital has secured $ 100 million in funding to expand its product footprint and creative capabilities, another major milestone for the fast-growing NFT market.
The funds will be used to expand Candy Digital’s NFT product offering in the global sports market, including creating new experiences for fans, the company said Thursday. Candy’s existing associations include Major League Baseball, Major League Baseball Players Association, Race Team Alliance, and a variety of college athletes.
The Series A round was jointly led by private equity firms Insight Partners and Softbank Vision Fund 2, with additional participation from Connect Ventures, Will Ventures, Gaingels, Com2Us and Athletes Syndicate.
Professional sports are increasingly turning to NFTs to increase fan engagement, particularly in the wake of the Covid-19 pandemic that resulted in an estimated $ 18 billion loss in sales in major leagues around the world. According to credit card giant Visa, the lost revenue from the bans has put further pressure on professional sports to “diversify revenues and focus on technology” to get back into business.
The buying frenzy at NFT intensified in the third quarter, with sales of digital collectibles hitting a record $ 10.7 billion, according to market tracker DappRadar. This corresponds to an eight-fold increase compared to the previous quarter. OpenSea remains the largest market for NFT sales, but that could change as more established brands enter the market.
As Cointelegraph recently reported, The cryptocurrency exchange Coinbase is planning to introduce its own NFT market. “Coinbase NFT” waiting list attracted 1.1 million subscriptions in 48 hours. Meanwhile, Binance, the world’s largest cryptocurrency exchange by volume, launched its own NFT platform in June.
The social media platform TikTok has also announced its first foray into the NFT market with a new collection inspired by its best-known trendsetters.. With around 1 billion users worldwide, TikTok could enable wider distribution of digital collectibles if the first NFT releases are successful.