NFT corporate Candy Digital valued at $1.5B following $100M Series A

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Nonfungible token corporate Candy Digital has secured $100 million in investment to amplify its product footprint and artistic functions, marking every other main milestone for the swiftly rising NFT marketplace. 

The investment shall be used to amplify Candy Digital’s NFT product choices around the international sports activities market, together with developing new fan reviews, the corporate introduced Thursday. Candy’s current partnerships come with Major League Baseball, Major League Baseball Players Association, Race Team Alliance and a number of other faculty athletes.

The Series A spherical used to be co-led by means of non-public fairness corporations Insight Partners and Softbank Vision Fund 2, with further participation from Connect Ventures, Will Ventures, Gaingels, Com2Us and Athletes Syndicate.

Professional sports activities are more and more turning to NFTs so to spice up fan engagement, particularly within the wake of the Covid-19 pandemic, which led to an estimated earnings lack of $18 billion throughout main leagues international. According to credit card giant Visa, the lack of earnings because of lockdowns has positioned extra force on skilled sports activities to “diversify earnings and concentrate on era” so to re-capture the eye of enthusiasts.

The NFT purchasing frenzy intensified within the 3rd quarter, with the sale of virtual collectibles hitting a report $10.7 billion, according to marketplace tracker DappRadar. That represents an eightfold build up from the former quarter. OpenSea stays the one biggest marketplace for NFT gross sales, however that would quickly alternate as extra established manufacturers input the gap.

As Cointelegraph just lately reported, cryptocurrency exchange Coinbase is planning to launch its own NFT marketplace. The waitlist for “Coinbase NFT” attracted 1.1 million signups in 48 hours. Meanwhile, Binance, the arena’s biggest crypto trade by means of quantity, launched its own NFT platform in June.

Related: NFT gaming proposition in question as regulators and traditional gaming pullback

Social media platform TikTok has also announced its first foray into the NFT market with a brand new assortment impressed by means of its most renowned trend-setters. With kind of 1 billion customers all over the world, TikTok may supply extra mainstream publicity to virtual collectibles must the primary NFT drops end up a hit.