Sports apparel and memorabilia company Fanatics is selling 60% of its sales to NFT company focused on games Candy Digital and the group led by Galaxy Digital, according to a CNBC report, citing internal information obtained from the network.
Terms of the deal were not disclosed, according to CNBC.
But Fanatics CEO Michael Rubin wrote in an internal email that “disposing of our shares at this time allowed us to ensure that investors can get back as much of their investment in cash or stock. In Fanatics – a good thing for investors, especially in the attractive NFT market. which has already seen a significant decrease in trading volumes and the price of NFTs has stagnated.
