After FTX Downfall, Now Fanatics Is Selling It’s 60% Stake In Peyton Manning-Backed $1.5 Billion NFT Company

“Digital is the future,” with this motto, a lot of top end athletes and celebrities have invested heavily in crypto firms and NFTs in the last couple of years. However, in the last few months, a lot of these investments have yielded poor results.

Tom Brady, Gisele Bundchen, Stephen Curry, Shaq O’Neal and a number of celebrities were recently named in a $12 Billion lawsuit filed on behalf of the American consumers after FTX went down.

The renowned crypto exchange firm, for which Tom and Gisele advertised heavily, went bankrupt which resulted in heavy losses for a number of people who are now looking for ways to get their money back.

All of a sudden, what looked to be the future of investment, is being looked upon with a lot of suspicion. As it turns out, after the FTX crash, many are starting to lose faith in NFT companies as well.

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Peyton Manning had invested in Candy Digital back in 2021

Recently, CNBC was able to obtain an internal e-mail from which they got to know that renowned sports platform company Fanatics has decided to divest its 60% stake in the NFT company called Candy Digital.

Reportedly, an investor group led by Galaxy Digital is buying off Fanatics’ stake. While this isn’t something to be extremely alarmed about, it is a fact that sports NFTs have taken quite a hit in the recent past and Fanatics’ move might have been a result of that.

As far as Candy Digital is concerned, it was able to raise a mammoth $100 million back in October 2021. Along with a few massive organizations, NFL superstar Peyton Manning had also invested in the company.

This took Candy Digital’s valuation to a massive $1.5 billion. Many were opining that Manning played his cards right as this business is going to yield massive profits in the long run.

It goes without saying that things are a little shaky in the digital market at this point but many trade pundits reckon that the situation might improve in the coming months.

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