MLB NFT market generates $2.7 million in first weekend sales

  • Marketplace went live on the 15the January
  • US$1 million recorded in the first eight hours
  • The largest transaction was US$20,000

Candy Digital, backed by Fanatics, claims Major League Baseball’s (MLB) officially licensed non-fungible token (NFT) secondary market generated sales worth $2.7 million in its first weekend, including $1 million in the first eight hours.

The digital collectibles company made MLB its first content partner last year, tasked with creating the league’s official NFT ecosystem. A secondary market has always been considered an integral part of the platform, allowing fans and collectors to buy, sell and appraise the value of their collections.

Candy Digital’s first drop coincided with 4e July weekend and the collection has since grown to include NFTs based on the sport’s most famous moments and players.

The “Play of the Day” series features the most exciting games from the MLB playoffs, while the Icon Pack details the 81 players selected for the MLB All-Star Game alongside 30 prospects from around the world. Meanwhile, the Atlanta Braves’ World Series victory was also marked with a series of commemorative chips. Tens of thousands of trades were recorded over the opening weekend, with the largest involving the acquisition of a Fernando Tatis Jr Epic Icon NFT, which cost $20,000.

Candy Digital says it plans to add more features to the marketplace in the coming months, including the ability to trade MLB tokens sold on third-party marketplaces such as OpenSea.

“The launch of the secondary market is an exciting step on our roadmap, as we create a hub for the Candy community to engage with each other on a daily basis, whether buying, selling or assess the value of a particular NFT or collection.” said Scott Lawin, Managing Director of Candy Digital. “Over the next few months, we will be adding additional marketplace features to improve fans’ ability to discover, buy, sell and collect our products.”

A key feature set to be added will be the ability for collectors to trade tokens that have already been traded on third-party marketplaces like OpenSea.

Alongside Fanatics executive chairman Michael Rubin, Candy Digital’s other co-founders are Mike Novogratz, the founder and chief executive of crypto merchant bank Galaxy Digital, and entrepreneur and investor Gary Vaynerchuk.

The company recently raised US$100 million in a funding round, which included former National Football League (NFL) quarterback Peyton Manning and valued him at US$1.5 billion. US dollars. Candy Digital says the investment will allow it to expand its creative content, technology and product capabilities and further secure a rapidly growing market.

Neal T. Doss