Fanatics-Backed NFT Platform, Candy Digital, Strikes A Deal With The MLB for Non-Fungible Token Trading
Non-fungible tokens (NFTs) are gaining more mainstream adoption by the day, and the latest is Candy Digital.
Candy Digital Launches With Lou Gehrig’s Speech
In the latest round of investment in the burgeoning NFT sub-sector, popular sports merchandise company Fanatics is partnering with Mike Novogratz’s Galaxy Digital and Gary Vaynerchuk of VaynerX in creating an NFT platform named Candy Digital.
According to a post by Major League Baseball (MLB), the company will be focused on producing sports NFTs and has already struck a deal with the baseball association.
Candy Digital will launch its platform with a 1-on-1 speech of MLB's Hall of Fame player Lou Gehrig's “Luckiest Man” rendition of July 4, 1939, after Gehrig was forced to retire due to ALS (popularly called Lou Gehrig's disease). The proceeds will be used to support ALS charities.
Candy Digital says that MLB fans will easily purchase, collect, view, and trade NFTs.
The NFT platform will be hosted on layer two scaling solutions like Polygon and Immutable X on popular decentralized applications (Dapps) platform Ethereum. According to Candy Digital, it is looking to facilitate low gas fees, faster transaction resolution, and be 99% less energy-demanding than proof-of-work (PoW) the Ethereum network currently operates on.
Fanatics is a majority shareholder in the joint-venture with its Chairman Michael Rubin and Mike Novogratz serving as co-chairs of the NFT startup. Gary Vaynerchuk will serve as a board member.
Speaking on the new development, Michael Rubin said that Candy Digital is out to enable anyone to own a piece of their passion in whatever field they love. He also pointed out that the MLB partnership combines passion, community, innovation, and digital transformation.
The MLB is not a new face in the crypto space. As far back as 2018, the baseball league launched a crypto game called MLB Crypto Baseball, which it later re-styled as MLB Champions. However, it discontinued as the venture was not picking up the needed steam.
It also launched an NFT cards collection on the WAX blockchain in April.
Sports Leveraging The NFT Frenzy
NFTs are unique digital collectibles representing real-life assets. They are stored on the blockchain and are rare, given that they cannot be split.
The world of sports has leveraged the NFT mania, and the National Basket Association (NBA) is a major player in this space. Its online marketplace, NBA Top Shot, has grossed over $700 million in sales in the past six months for video highlights of player moments.
The NFT market does not stop here. Ultimate Fighting Championship (UFC) is reportedly looking at the NFT space as well alongside Major League Soccer (MLS).