The NFT-based company Candy Digital hosted new funding round, which managed to successfully rack up $100Million, mainly in order to expand its reach and increase opportunities in the global NFT market.
Series A Round
Co-founded by big names such as Mike Novogratz, Gary Vaynerchuk and Michael Rubin, Candy Digital has achieved yet another achievement in the NFT market by managing to secure $100Million in Series A funding round. The funding round was mostly dominated by private equity companies such as Insight Partners and Softbank Vision Fund 2.0, with added contributions from firms that include Connect Ventures, Will Ventures and a few others.
According to an announcement from Candy Digital on Thursday, the funds acquired will be used in a lot of ways that will benefit not only the company but also its clients. The company will be utilizing the funds in various ways such as, expanding its product offerings to sports organizations around the world and developing a unique type of fan engagement experience. As of now, Candy Digital already has quite an impressive set of partnerships established that include the MLB, Major League Baseball Players Association, Race Team Alliance and many other popular athletes from several colleges.
NFT and the Sports Industry
With the pandemic hitting hard on the sports industry, causing an approximate loss of nearly $18 Billion on a global scale, NFTs have become a great way for sports teams to stay in touch with their loyal fans and keep them interested in their new endeavours. Financial services behemoth VISA mentioned that the lockdown situation, causing a loss in revenue, has put a ton of pressure on sports teams, so in order to maintain their status among fans, these teams trying to find new ways of revenue generation through the utilization of technology.
NFT Market Growth
The NFT market has witnessed an unbelievable transformation, as the sales of these unique digital items have nearly reached around $10.7Billion, with OpenSea Market on top, in regards to data taken from DappRadar. Global cryptocurrency exchange, Coinbase also announced that they would be launching their own NFT marketplace in the coming time. According to statistical data, the waitlist of the Coinbase NFT marketplace has already accumulated more than 1Million signups in just under two days of time.