In 2021, Candy Digital released its official MLB collectibles collection. With Getty Images, the company is hoping for another success.
Candy has chosen images of iconic 1970s music figures like James Brown, John Lennon, and Elvis Presley from Getty’s enormous stock photo collection.
The collection will make its debut on March 21 in an open-edition mint. Last May, Candy, and Getty made their romance public.
Candy and Getty partnership goals
Candy CEO Scott Lawin said that collaborating with Getty will appeal to music and image enthusiasts, opening up a new market for the business, which has also licensed Netflix and WWE collections.
He declared, “We’re excited about the fact that we’re talking to a different type of audience. The way we’ve thought about our partnerships, it is creating opportunities for people not to just go deep in a category that they love, but also discover and collect across different types of content and IP.”
Lawin stated that Candy will want to establish a long-term partnership with Getty; Getty archives have millions of images, some of which are decades old and cover a variety of subjects. Sports enthusiasts are more likely to hold digital assets, according to an academic study.
What is Candy company?
Instead of focusing on bands like the Rolling Stones or Jimi Hendrix, the collection is divided into six categories and features photographers like David Redfern and Fin Costello. Due to a limited mint availability window that lasts for months, collectibles costing between $25 and $200 are rare.
Candy entered Web3 at a time when the market for digital assets was flourishing, but consumer interest in cryptocurrencies and NFTs has since decreased.
The company was founded in June 2021 by Mike Novogratz, Gary Vaynerchuk, and Fanatics executive chairman Michael Rubin. Most of the business was owned by fans.
In October 2021, Candy declared that it had raised $100 million in a Series A round sponsored by Insight Partners and Softbank’s Vision Fund 2 and that its valuation had increased to $1.5 billion.
According to Sportico, the NFT company fired more than a third of its 100 employees in November. Jobs have also been cut at NBA Top Shot and NFL All Day creators OpenSea and Dapper Labs.
Rubin said, “imploding NFT market that has seen precipitous drops in both transaction volumes and prices for standalone NFTs.”
Lawin said Fanatics was a “fantastic partner to get started with, particularly because we leaned in first into the sports space,” and that the sale was a logical step in a competitive industry despite their divergent views on digital collectibles.
To demonstrate ownership of digital art, NFTs are special digital tokens. The only marketplace for Candy’s NFTs is Palm, an Ethereum sidechain. Lawin anticipated that the limitations would alter.
“Part of our roadmap [is] to allow our customers to take custody of their assets and potentially trade those in different marketplaces,” Lawin said. “It isn’t going to be a flip of the switch. It’s going to be something that we’re spending a lot of time internally with our technology partners, our communities, and our IP partners to do in the right way.”
Content Source: decrpyt.co