Michael Rubin's sports platform company Fanatics is divesting its 60% stake in NFT company Candy Digital, according to an internal email obtained by CNBC.
Candy Digital was founded in June 2021 in the middle of the sports NFT boom, competing with companies like Dapper Labs in the digital sports collectible space.
It also released digital collectibles with Netflix 's Stranger Things, WWE , and several Nascar teams.
Dapper Labs, the company behind NBA Top Shot and NFL All Day digital trading platforms that ranked No.
"Over the past year, it has become clear that NFTs are unlikely to be sustainable or profitable as a standalone business," Rubin wrote.