thecoinrise.com
Digital collectibles firm, Candy Digital, is now valued at $1.5 billion after raising $100 million in a Series A round. SoftBank’s Vision Fund 2, Insight Partners, and Connect Ventures led the investment round.
This is another mile marker for the NFT ecosystem that has continued to grow since the sports NFT boom that set in in 2020. Many companies have brokered many partnership deals with top sports outfits and leagues as a way to reach the sports audience.
Despite being relatively new, Candy Digital also became the official NFT partner of Major League Baseball in June. Per the company’s announcement, the funding will be used to expand Candy Digital’s NFT product offerings across the global sports marketplace. These products will be developed on Palm, an Ethereum sidechain.
Candy Digital will also use the fund to scale the business and hire more people into the team. Also, it will roll out a beta version of its with moments from the 2021 MLB postseason and upcoming World Series.
Additionally, the company plans to build an NFT marketplace where users can browse, select, and purchase NFTs. This is similar to a move by Coinbase to launch an NFT marketplace as reported earlier.
Candy Digital and the NFT Boom
Digital collectibles are the frenzy of the moment and sport NFTs like Candy Digital seem to be the most on-demand.
According to DappRadar, the sale of digital collectibles went through the roof in the third quarter. The spike is even as a buying frenzy hits the market. A record $10.7 billion in sales was made. This is equivalent to an eightfold increase from the previous quarter.
At more than $7 billion, Dapper Labs is the leading sports collectibles firm. Its NBA Top Shot platform alone has generated over $750 million in secondary trading volume. As we previously reported, last week, the NBA Top Shot recorded a 152% growth in weekly sales volume. With Candy Digital up to such a good start, it may very well challenge Dapper Labs dominance in a not-too-distant future.