Futureverse Expands Its Horizons with Acquisition of Candy Digital

Futureverse, a burgeoning 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 notable NFT startup.

• 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 library will be integrated into Futureverse's blockchain, The Root Network.

Background of Candy Digital

Founded in 2021 by notable figures including Fanatics CEO Michael Rubin and Galaxy Digital founder Mike Novogratz, Candy Digital emerged during the NFT boom. The startup quickly gained traction by partnering with MLB as its first 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 of Candy Digital by Futureverse is primarily equity-based, with some former staff given the option to convert their options to cash. This move is expected to bolster Futureverse's workforce, increasing its team size to approximately 200 employees. 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.

Futureverse's Vision

Futureverse, formed in 2022 through the merger of eight metaverse companies, aims to create immersive digital environments 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, providing tools and services to various brands.

Aaron McDonald, CEO of Futureverse, expressed enthusiasm about the acquisition, stating that both companies share a vision of leveraging technology to enhance fan experiences. He emphasized the importance of evolving digital ownership, particularly in light of changing consumer expectations in the collectibles market.

The Future of Digital Collectibles

Despite the ups and downs of the NFT market, industry experts believe that digital collectibles are here to stay. Matt Novogratz noted that younger generations, like his children, are deeply engaged with platforms like Roblox, where the concept of ownership is integral to their experience. This sentiment reflects a broader trend where digital ownership is becoming increasingly relevant.

Integration and Next Steps

As part of the acquisition, Candy Digital's extensive library of digital collectibles will be integrated into The Root Network, Futureverse's blockchain. This integration is expected to facilitate the creation of new collections and variations from existing intellectual properties, allowing for cross-platform sharing and enhanced fan engagement.

In conclusion, Futureverse's acquisition of Candy Digital marks a significant step in the evolution of digital collectibles and the metaverse. By combining resources and expertise, both companies aim to redefine fan experiences in the digital age, paving the way for innovative developments in the NFT space.

Sources

• Futureverse acquires NFT startup Candy Digital with partners like MLB and Netflix, Axios.