Candy Digital secured $ 100 million in funding to expand its products and creative options, another milestone for the fast-growing NFT market.
The company announced on Thursday that the funds will be used to expand its Candy Digital NFT product offering to the global sports market, including creating new experiences for fans. Kandy’s current partnerships include Major League Baseball, Major League Baseball Association, Racing Teams Alliance, and a number of college athletes.
The first round was led by investment companies Insight Partners and Softbank Vision Fund 2 with further participation of Connect Ventures, Will Ventures, Gaingels, Com2Us and Athletes Syndicate.
Professional sports are increasingly targeting NFT as a way to boost fan engagement, especially in the aftermath of the Covid-19 pandemic, which is estimated to have resulted in an estimated $ 18 billion in revenue loss in major leagues around the world. Credit card giant Visa said the loss of revenue due to the bank’s closure put additional pressure on professional sports, forcing it to “diversify income and focus on technology” to get the attention of the masses again.
According to market tracker DappRadar, NFT buyer hype intensified in the third quarter, when digital holding sales hit an all-time high of $ 10.7 billion. This is eight times more than in the previous quarter. OpenSea is still the largest market for NFT sales, but this may soon change when more established brands enter the market.
As Cointelegraph recently reported, cryptocurrency exchange Coinbase is planning to launch its own NFT trading platform. Coinbase NFT Queue attracted 1.1 million registrations in 48 hours. Meanwhile, Binance, the world’s largest cryptocurrency exchange by volume, launched its NFT platform in June.
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Social media platforms TikTok also announced their first NFT market launch with a new collection inspired by the most famous trendsetters. With nearly a billion users worldwide, TikTok could bring digital collectibles more widely if the first NFT releases are successful.