Candy Digital kicks off the third season of MLB NFTs

Candy Digital, the NFT start-up, is pushing forward with its third season of Major League Baseball collectibles following a recent investor shakeup and layoffs. Despite challenges, the firm has renewed its partnership with Major League Baseball to release new digital collectibles for the 2023 season.

Despite challenges, Candy Digital pushes forward in the NFT space

Candy Digital has faced challenges in recent months, including a major investor shakeup and layoffs. In November 2021, the company laid off more than one-third of its approximately 100-person team. This was followed by Fanatics’ sale of its roughly 60% majority stake in Candy to a group led by Galaxy Digital in January 2022.

Even though Fanatics has divested its stake in Candy Digital, the CEO of the NFT start-up, Scott Lawin, has revealed that Fanatics remains an investor in the company, albeit with a reduced share. Lawin emphasized the difference in the business focus between the two companies, stating that Fanatics is a physical-first business, while Candy Digital is digital-first. 

Despite the investor shakeup, Lawin remains optimistic about the potential for future collaborations between the two firms.

The power of NFTs: Nearly 200,000 collectible tickets redeemed by fans

Candy Digital was founded in 2021 during the NFT market surge. The firm quickly notched a $1.5 billion valuation upon raising $100 million in a round co-led by Insight Partners and Softbank’s Vision Fund, with investments from former NFL star Peyton Manning, Connect Ventures, and Will Ventures.

Now, ahead of Opening Day on Thursday, Candy Digital has released its 2023 MLB Showstopper ICON series, an NFT collection of 43 MLB stars priced at $43 per pack with three player collectibles included per pack.

Lawin envisions NFT collectible tickets eventually offering admission access to events, claiming that it’s inevitable that the collectible ticket and the access ticket come together over time. Candy Digital’s MLB collectibles are minted on Palm, an Ethereum sidechain built for NFTs.

Candy’s commemorative game tickets will continue to be offered this season after nearly 200,000 NFT collectible tickets were redeemed by fans who attended games last MLB season. 

A new era of sports collectibles with NFTs

Dapper Labs and Sorare are the major players within the sports collectibles NFT space. Dapper Labs manages digital collectible markets for various sports leagues, including the NBA, NFL, UFC, and LaLiga, while Sorare has partnered with the MLB, NBA, MLS, and English Premier League.

Candy Digital holds the title of “official NFT partner” of MLB, following a deal signed in 2021. In contrast, Sorare recently became the MLB’s “official NFT baseball game partner” and introduced a fantasy baseball game based on NFTs.

Candy Digital’s CEO believes its company and Sorare could work together in the future to the advantage of both collectors and fans and believes that the collaboration between the two firms would yield significant benefits.

Candy Digital sets sights on the future

The firm has entered its third season as an official MLB partner, releasing new digital collectibles for the 2023 season. While Candy Digital faces competition from other major players in the sports NFT space, CEO Scott Lawin believes there could be opportunities for cooperation in the future. 

As Candy Digital expands its concept to augmented reality (AR) integrations and partnerships with other sports organizations, the firm could be poised for further growth in the NFT market.

Source: nft.news