Non Fungible token (NFT) firm Candy Digital has successfully obtained 100 million via fundraising to widen the scope of its offering and creative capabilities – adding one more milestone to the growth of the NFT market.

Specifically, The funding will reportedly be channeled towards widening the scope of Candy Digital’s NFT product lines throughout the sports marketplace throughout the globe, including rolling out new fan experiences, per the firm. 

The current alliances of Candy reportedly include Major League Baseball, Major League Baseball Players Association, Race Team Alliance along with a variety of college athletes.

The Series A round was reportedly led jointly by private equity entities – Insight Partners and Softbank Vision Fund 2 – and witnessed Connect Ventures, Will Ventures, Gaingels, Com2Us and Athletes Syndicate also took part in. 

more and more entities in professional sports are reportedly utilizing NFTs – one of the top emerging side of the crypto world – to achieve enhance fan engagement, particularly in a world where the global health pandemic is still happening, which led to a revenue hemorrhage of $18 billion throughout major leagues across the globe. 

As revealed by payment heavyweight VISA, the financial damage caused by lockdowns has put extra pressure on professional sports to “diversify revenue and focus on technology”,  as a means to capture again the attention of supporters.

The NFT purchasing trend reportedly saw exponential growth in Q3 this year, with the sale of digital collectibles hitting a record $10.7 billion, as revealed in insights generated by market tracker DappRadar.