Fanatics' NFT Division Sale Shows that Digital Products Still Need to Be Tied to Physical Ones
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Fanatics, the sportswear brand that has been growing into one of the biggest names in the industry, just sold off 60% of its Candy Digital NFT wing, with CEO Michael Rubin giving a hint at what role NFT's can play in the branded merchandise sector in the future.
"Over the past year, it has become clear that NFT's are unlikely to be sustainable or profitable as a standalone business," Rubin said, according to CNBC. “Aside from physical collectibles (trading cards) driving 99% of the business, we believe digital products will have more value and utility when connected to physical collectibles to create the best experience for collectors.”
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Brendan Menapace
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Brendan Menapace is the content director for Promo+Promo Marketing.
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