Sports NFT Company Candy Digital Fires More Than 30% of Its Staff

In October 2021, the company secured $100 million with a $1.5 billion value.

According to reports, Candy Digital, a sports and entertainment NFT company founded in 2021 and growing to a value of $1.5 billion the same year, laid off a sizable number of employees today.

That Candy had let go more than 30 of its 100 employees, according to unnamed sources close to the company.

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In June 2021, Mike Novogratz, the founder and CEO of Galaxy Digital, Gary Vaynerchuk, an investor, and Michael Rubin founded Candy Digital. The largest shareholder of the company was said to be a group of fans. Additionally, it was claimed that the business would promote Candy to its current clientele.

Candy Digital reported the results of its Series A round in October 2021. Fanatics is a privately owned company, and it is not involved in the day-to-day management of Candy.

Candy has promoted a number of Major League Baseball-themed collections since receiving a formal license from the league. With deals with WWE, all of NASCAR’s teams (but not the league itself), various collegiate athletes, and all of NASCAR’s teams, the company has now branched out into other sports licensing.

The company has also expanded into digital collectibles associated with the entertainment sector, such as the numerous “Stranger Things” NFTs that came about as a result of the company’s partnership with Netflix.