It has been confirmed with a source acquainted with the situation that the sports and entertainment NFT company Candy Digital, which was founded in 2021 and grew to a valuation of $1.5 billion the same year, laid off a large number of employees today.
Based on interviews with persons close to the company, Sportico was the first to report that Candy had laid off more than a third of its around 100-person workforce. Former community content manager and tweeter Matthew Muntner revealed his departure via Twitter.
Gary Vaynerchuk, a successful entrepreneur and investor, joined forces with Mike Novogratz, CEO of Galaxy Digital, and Michael Rubin, executive chairman of sports products giant Fanatics, to launch Candy Digital in June 2021. During that period, Fanatics came forward as the company’s principal owner and promised to promote Candy to its existing client base.
In October 2021, Candy Digital revealed a $1.5 billion value after raising $100 million in a Series A round led by Insight Partners and Softbank’s Vision Fund 2.
Since its inception, Candy has offered numerous series based on the MLB and its teams. Since then, the corporation has expanded its sports licensing to include the WWE, all NASCAR teams (but not the league), and a wide range of collegiate athletes.