via Getty
DENVER, CO – OCTOBER 31: Former Denver Broncos quarterback Peyton Manning speaks during a ceremony to reveal his name on the stadium Ring of Fame at halftime during a game between the Denver Broncos and the Washington Football Team at Empower Field at Mile High on October 31, 2021 in Denver, Colorado. (Photo by Dustin Bradford/Icon Sportswire via Getty Images)
via Getty
DENVER, CO – OCTOBER 31: Former Denver Broncos quarterback Peyton Manning speaks during a ceremony to reveal his name on the stadium Ring of Fame at halftime during a game between the Denver Broncos and the Washington Football Team at Empower Field at Mile High on October 31, 2021 in Denver, Colorado. (Photo by Dustin Bradford/Icon Sportswire via Getty Images)
Many superstar athletes boarded the crypto bandwagon when its market was in top gear. But it hasn’t been the same in the present. Cryptocurrency giants FTX collapsed late last year, engulfing the investments of the likes of NFL legend Tom Brady. And now another crypto giant is selling its whole stake in a $1.5 billion NFT company backed by another NFL legend Peyton Manning.
Is the blockchain bubble bursting after being billed by many as the future?
NFT company backed by Peyton Manning losses 60% stakeholders
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Crypto giants Fanatics is selling its entire stake in the NFT company Candy Digital. The Mark Rubin company held 60% of the sports NFT organization that is valued at a whopping $1.5 billion. The NFT market took off after the initial success story of blockchain-based cryptocurrencies. But since that market has seen a downward spiral, sports NFTs have lost the sheen they once had.
It is not an alarming situation for Candy Digital though, as they have an investor to replace the outgoing ones. According to a report by CNBC, Fanatics is selling its entire stake to an investor group led by Galaxy Digital. So no, the company is not going bust. But the move might be due to a sort of a crypto winter that has engulfed the market.
Candy Digital had raised $100 million in investments back in October 2021. Apart from the usual investment groups like Softbank, NFL legend Peyton Manning put some cash in the company too.
Official NFT partner of Major League Baseball, Candy Digital raises $100M, valued at $1.5B.
Major League Baseball’s official NFT partner strikes a sizable valuation, which includes investment from Peyton Manning. #HODLstrong #crypto #HODL https://t.co/yIm8msMft8
— HODL (@HodlStyle) October 24, 2021
This report comes amid a broader implosion in the NFT and cryptocurrency markets that saw giants like FTX fall just months earlier.
The fall of FTX
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Another NFL legend who lost millions in the implosion was the Tampa Bay Buccaneers QB Tom Brady. He too backed the cryptocurrency exchange FTX back in 2021, just after winning his seventh Super Bowl title. While everything was rosy till the markets boomed, the company could not endure the current bear market.
Read More: Peyton Manning Was Left “Crushed” and “Disappointed” After Rejection From Massive Project
The company owned by Sam Bankman-Fried went bust in November last year, taking with it huge investments made by Brady, his ex-wife Gisele Bündchen and many more. Bankman-Fried stepped down as the company CEO after a deal with Binance fell through amid concerns of solvency and leverage concerns. He was later arrested in the Bahamas and brought back to the US to face charges. He has pleaded not guilty.
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So, after being rivals on the pitch for years, Brady and Peyton Manning seem to be sailing in the same boat. But the real question is, is crypto really the future?
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