Futureverse Expands Its Horizons with Acquisition of Candy Digital
Apr 18
2 min read
Futureverse, a prominent player in the metaverse space, has announced its acquisition of Candy Digital, an NFT startup known for its partnerships with major brands like Major League Baseball (MLB) and Netflix. This strategic move aims to enhance Futureverse's offerings in digital collectibles and fan engagement.
Key Takeaways
Futureverse has acquired Candy Digital, a startup specializing in NFTs.
Candy Digital has collaborated with MLB, Netflix, and DC Comics.
The acquisition is part of Futureverse's strategy to expand its metaverse capabilities.
Candy Digital's team will integrate into Futureverse, increasing its workforce to around 200.
Background of Candy Digital
Founded in 2021 by notable figures including Fanatics CEO Michael Rubin and Galaxy Digital's Mike Novogratz, Candy Digital emerged during the NFT boom. The startup quickly gained traction by partnering with MLB as its first major client, followed by collaborations with Netflix for the popular series "Stranger Things," NASCAR, and WWE. In 2023, Candy Digital raised additional funding, indicating ongoing interest in the NFT space despite market fluctuations.
The Acquisition Details
The acquisition deal, primarily equity-based, will see Candy Digital's approximately 25 employees join Futureverse. Matt Novogratz, co-founder of Candy, will take on the role of Chief Commercial Officer at Futureverse, while CEO Scott Lawin will serve as an advisor. This integration is expected to bolster Futureverse's capabilities in creating innovative fan experiences through digital collectibles.
Futureverse's Vision
Futureverse, formed in 2022 through the merger of eight metaverse companies, aims to provide immersive experiences for fans. The company raised $54 million in a Series A funding round in 2023, valuing it at $700 million. Futureverse generates revenue through content, subscriptions, and APIs, offering tools and services to various brands.
The Evolving NFT Landscape
Despite the challenges faced by the NFT market, including a decline in standalone profitability, both Futureverse and Candy Digital remain optimistic about the future of digital collectibles. Novogratz noted that while the industry has experienced ups and downs, the concept of digital ownership is here to stay, especially among younger generations who engage with platforms like Roblox.
What's Next for Candy Digital?
As part of Futureverse, Candy Digital's library of digital collectibles will be integrated into The Root Network, Futureverse's blockchain. This integration will allow for the creation of diverse collections based on existing intellectual properties, enhancing the user experience across various platforms. Futureverse's technology is expected to facilitate the development of new variations and collections, further solidifying its position in the digital collectibles market.
In conclusion, the acquisition of Candy Digital by Futureverse marks a significant step in the evolution of the metaverse and digital collectibles. As the industry continues to adapt and grow, this partnership is poised to create exciting new opportunities for fans and brands alike.
Sources
Futureverse acquires NFT startup Candy Digital with partners like MLB and Netflix, Axios.