Want more from Front Office Sports
in your search results?
Fanatics-owned Candy Digital has laid off more than a third of its workforce of roughly 100 employees.
The NFT platform — which operates independently from Fanatics — was valued at $1.5 billion in October 2021 following a $100 million Series A funding round co-led by New York-based VC firm Insight Partners and Softbank Vision Fund 2.
- Candy Digital is also backed by entrepreneur and VaynerMedia CEO Gary Vaynerchuk.
- The platform is the official NFT collectibles partner of MLB and MLB Players Inc.
- In January, it launched a secondary marketplace for officially licensed MLB NFTs.
- The marketplace generated $2.7 million in sales during its first weekend.
Candy Digital’s layoffs are the byproduct of a tech industry that has struggled to drive profits at the end of 2022 due to the recent decline in cryptocurrency and ongoing inflationary pressures.
Earlier this month, Dapper Labs — the creator of NBA Top Shot — reduced its workforce by 22%. The company, which had approximately 600 employees before the layoffs, deemed the cuts to be “necessary for the long-term health of our business and communities.”
Wealthy Parent
In March, Fanatics announced a $1.5 billion funding round valuing the company at $27 billion.
The round was led by the NFL, which invested $320 million in fresh capital in Fanatics — a company initially known for its sports merchandise but which has expanded its footprint in sports.
Fanatics is reportedly in talks to acquire German sports betting company Tipico.
Download the FOS App
The business of sports, in your pocket.
Scan the QR code to get the app now.