In a play to advance licensed non-fungible token (NFT) projects, digital collectibles giant Candy Digital and Web3 powerhouse Palm NFT Studio have announced a collaborative merger. This collaboration aims to broaden digital interactions across fields inclusive of sports teams such as Major League Baseball (MLB), NASCAR, and World Wrestling Entertainment (WWE). It even circles entertainment titans like Netflix and Warner Bros Discovery.
Backed by notables like Michael Novogratz’ digital asset titan Galaxy Digital and enterprising Gary Vaynerchuk, Candy Digital has garnered a vast $100 million in Series A round, marking its valuation at a striking $1.5 billion. Simultaneously, funding recipient Palm NFT Studio garnered a more humble $27 million in December 2021, subsidized by the likes of Microsoft’s venture fund M12 and Warner Bros.
Amidst a shifting balance of power within the merger, Candy Digital’s CEO Scott Lawin will maintain oversight across both companies. Daniel Heyman, Palm NFT’s co-founder and CEO, steps into the position of president for Candy Digital. Excitingly, the merger is seen as an opportunity to invigorate fan engagement through the energising potential of digital assets, particularly NFTs. Subsequently, brands will enjoy an expanded platform of connectivity through this fan-inspiring merger.
However, the prospect of such a merge also brings potential drawbacks. As the digital currency realm is notoriously volatile, prospective ventures like these are subject to significant economic risk. Furthermore, the legal repercussions of NFT validation and ownership are currently up for much heated discussion. Despite the potential obstacles, Lawin and Heyman remain committed to their roles, focusing on the promise of transformative digital experiences and media evolution.
Previously, both companies have collaborated on rolling out NFTs and digital collectibles, showcasing a partnership history that solidifies their collaborative merger. In a demonstrative instance of their combined efforts, the release of an NFT collection in January 2022 saw Candy Digital blend forces with MLB. This NFT series was minted on the native network of Palm NFT Studio, the Palm blockchain. Continuing along with this path in May later the same year, stock photo giant Getty Images engaged Candy Digital to release photographic NFTs on the Palm blockchain.
Aside from NFT endeavours, other impressive ventures include the release of Palm NFT Studio’s Palm Generative Art Maker in May 2022. A tool driven to aid creators in minting generative art collections on the blockchain. Through strategic partnerships like these, the cryptomarket will continue to evolve, moving more and more into daily living landscapes. These mergers show significant promise in aiding cryptocurrency mass adaption, bringing the worlds of sports, entertainment and art, sincerely into the crypto-realm.
Source: Coindesk
