{"id":220,"date":"2021-09-21T21:18:24","date_gmt":"2021-09-21T21:18:24","guid":{"rendered":"http:\/\/54.71.176.83\/lou-gehrig\/?p=220"},"modified":"2022-07-05T17:52:57","modified_gmt":"2022-07-05T17:52:57","slug":"mlb-launches-into-nft-space-with-help-from-lou-gehrig-and-new-company-led-by-fanatics","status":"publish","type":"post","link":"https:\/\/lougehrig.com\/index.php\/mlb-launches-into-nft-space-with-help-from-lou-gehrig-and-new-company-led-by-fanatics\/","title":{"rendered":"MLB launches into NFT space with help from Lou Gehrig and new company led by Fanatics"},"content":{"rendered":"

Major League Baseball is entering the NFT space with the help of Fanatics Chairman Michael Rubin and the formation of a new company called Candy Digital.<\/p>\n

The firm agreed to a multiyear licensing agreement with MLB to produce nonfungible tokens. The first digital collectible will be an exclusive Lou Gehrig NFT, which will be available for bidding on the Fourth of July. It will honor Gehrig\u2019s \u201cLuckiest Man\u201d speech on July 4, 1939, when the ironman New York Yankees first baseman retired after contracting\u00a0amyotrophic lateral sclerosis<\/a>, a disease that impacts the nervous system.<\/p>\n

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The Lou Gehrig NFT will also commemorate MLB\u2019s first Lou Gehrig Day on Tuesday. The league wants to raise more awareness to help combat ALS, also referred to as Lou Gehrig\u2019s Disease.<\/p>\n

Specific terms of Candy Digital\u2019s agreement with MLB were not made available. But in licensing deals, MLB earns a royalty from primary and secondary sales of its assets. Candy Digital will earn revenue through primary sales of MLB\u2019s assets and from NFT trading fees.<\/p>\n

NFTs are tied to a blockchain,\u00a0a digital ledger similar to the blockchains used for digital currencies like\u00a0bitcoin<\/a>. This effectively gives each NFT a unique and nonhackable certificate of authenticity.<\/p>\n

Candy Digital will run its baseball NFTs on the\u00a0Ethereum<\/a>\u00a0blockchain. MLB will make its entire digital catalog available. So one day, Candy Digital could make NFTs of legends like Babe Ruth and Jackie Robinson.<\/p>\n

\"\"
Lou Gehrig #4 of the New York Yankees is shown before the mic delivering his farewell speech on Lou Gehrig Day on July 4, 1939 at Yankee Stadium in the Bronx, New York.<\/figcaption><\/figure>\n

\u201cFrom trading cards to autographed balls, baseball fans have demonstrated their passion for the sport and its players through collectibles for decades,\u201d MLB Commissioner Rob Manfred said in a statement. \u201cIn working with Candy Digital to offer NFTs to MLB fans, we\u2019re delivering an exciting new addition to the robust baseball collectible market.\u201d<\/p>\n

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Candy Digital declined to reveal its enterprise value or how much it raised to start. But in comparison, Dapper Labs, a similar firm that launched NFT product\u00a0NBA Top Shots<\/a>, raised $12.9 million via a Series A in 2018, according to\u00a0Crunchbase<\/a>. Dapper is valued at\u00a0over $7 billion<\/a>, according to The Information.<\/p>\n

Founders of Candy Digital include Rubin, who is also a part of the Philadelphia 76ers ownership group, and Mike Novogratz, founder of crypto merchant bank Galaxy Digital. Entrepreneur and VaynerMedia CEO Gary Vaynerchuk will serve as a board member and advisor. Fanatics will serve as the majority owner of Candy Digital, and Scott Lawin is interim CEO.<\/p>\n

Asked if MLB is an investor in Candy Digital, the company declined to comment. But the league is an investor in Fanatics through prior sports merchandise dealings.<\/p>\n

The NFT sector exploded this year, with NBA Top Shots one of the main attractions. In March, Tampa Bay Buccaneers tight end Rob Gronkowski was one of the first athletes to release\u00a0his version of the digital collectible<\/a>. And boxing champion\u00a0Floyd Mayweather Jr.<\/a>\u00a0also joined the NFT space last month.<\/p>\n

Candy Digital says it will start will sports NFTs but wants to expand into entertainment and music.<\/p>\n

\u201cAt its core, Candy Digital is about allowing everyone to own a piece of their passion \u2014 whether that be sports or gaming, fashion or art, music or pop culture, the goal is to broaden the fanbase of digital collectibles,\u201d Rubin said in a statement.<\/p>\n

SOURCE: CNBC<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Major League Baseball is entering the NFT space with the help of Fanatics Chairman Michael Rubin and the formation of a new company called Candy Digital. The firm agreed to a multiyear licensing agreement with MLB to produce nonfungible tokens. 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