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The sports merchandise giant has got cold feet in the shrinking NFT market. Sports merchandise firm Fanatics is divesting its stake in nonfungible token (NFT) company Candy Digital as confidence in the asset class wanes. On Jan. 4, it was reported that Michael Rubin’s sports company Fanatics was offloading its majority 60% stake in the NFT startup. Fanatics was started in 2011 and has become a known name in sports merchandising and e-commerce, valued at $31 billion.  MLB ICON Leadoff NFT Collectibles, launched by Candy Digital in Apr. 2022 Source: MLB However, the crypto bear market has hit the NFT sector hard in 2022, and Rubin’s firm is seemingly now looking to turn away from “standalone” NFT businesses. The investor group led by Novogratz’s Galaxy Digital will be purchasing the stake in Candy Digital, according to CNBC. In an email shared with the outlet, Rubin wrote: “Over the past year, it has become clear that NFTs are unlikely to be sustainable or profitable as a standalone bu...

The FTX debacle has taken several twists and turns lately. While a majority of the community continues to remain enraged about the situation, Sam Bankman-Fried’s recent interview further agitated them. Despite all his activities, individuals like Kevin O’Leary and Bill Ackman extended support to SBF. A few others continued to call him out. Mike Novogratz , the CEO of Galaxy Digital was one among the latter. Appearing in a recent interview, Novogratz was seen pointing out that SBF was “delusional.” In addition to this, he even suggested that he needs to be jailed. However, authorities haven’t charged the former CEO of FTX . But, the Galaxy Digital CEO highlighted how the movement of $9 billion out of FTX was enough evidence to nab SBF. He added, “I’m not saying he even planned this all like a criminal mastermind. What they did was criminal and they need to be prosecuted for it. [..] They perpetuated a large fraud. And it wasn’...