fanatics-apparels

The prolonged general crypto bear market continues to create fear, uncertainty, and doubt among investors, institutions, and businesses. Sports apparel and memorabilia firm Fanatics is the latest institution to abandon NFT investment over the bear market concerns.

Fanatics Sells Its 60% Shares In Candy Digital

On January 4, the multinational sports merchandising firm ‘Fanatics’ announced that it had successfully sold 60% of its shares in Candy Digital, a sports-focused non-fungible token company.

Established in 1995, Fanatics is an American sportswear firm valued at $31bn (€29.6bn) after recently raising approximately $700m in a new funding round. The funding initiative saw the participation of Clearlake Capital, a private equity firm.

In an internal e-mail sent to employees, Michael Rubin, the CEO of Fanatics, confirmed selling its 60% shares in Candy Digital to an identified group led by Galaxy Digital, a venture capital group owned by Billionaire Mike Novogratz.

Rubin has explained that the move was made after consultative discussions and considering different options. The turn away from the NFT investment appears just a few weeks after the sports firm laid off dozen of its staff.

The NFT Market Health Amid The Bear Market

In his letter, Rubin explained that its sale in Candy Digital has resulted from the “imploding NFT market that has seen steep drops in both transaction volumes and prices in the past several months.

According to recent data compiled by CryptoPresale.com, the crypto bear market pushed global NFT sales to fall more than 76% year-over-year in 2022. The NFT sales fell below its late 2021 peak season, reaching just $638 million in December, down from $4.7 billion in January 2022.

In the meantime, according to CoinGecko, the NFT market is defying the bear market, with several NFTs showcasing some light rallies. Azuki takes the lead out of ten top-selling NFTs, surging more than 20% on its floor price to $18,926. It has a 24-hour sales volume of 978 ETH.

CryptoPunks, an non-fungible tokens collection from digital assets incubation studio Larva Labs, follows Azuki closely, surging by 1.3% on its market capitalization and floor price to $827 million and $82,809, respectively. It has a 24-hour sales volume of 783 ETH.

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