Fanatics-backed NFT company launches with MLB deal

Fanatics, Galaxy Digital, and Gary Vaynerchuk have set up and invested in Candy Digital, a new company focused on sports-related non-fungible tokens (NFTs), with a debut deal with Major League Baseball.

Why it matters: NFTs saw an explosion in mainstream popularity in recent months thanks to a new twist on sports trading cards popularized by Dapper Labs' NBA Top Shots digital collectibles of basketball content.

Details: The first token that will be sold will pay tribute to the New York Yankees' Lou Gehrig.

• Fanatics founder Michael Rubin and Galaxy Digital founder Mike Novogratz will co-chair the company, with Vaynerchuk also serving on the board.
• The company declined to disclose how much it has raised and any minor shareholders.