Fanatics is an online sports retailer. It secured another round of funding on Thursday to fund one of its ventures. This was in order to generate more revenue than merchandising.

Candy Digital, a non-fungible token company of Fanatics, was able to lure $100 million from investors in a Series B round. It is currently valued at $1.5billion. Investors SoftBankVision Fund 2, Insight Partners, Pro Football Hall of Famer Peyton Manning. The terms of the investments they made were not disclosed.

Candy Digital launched last JuneThe middle of the NFT boom for sports. The NFTs can be linked to a Blockchain, which is a digital ledger that looks similar to those used to store digital currency like bitcoinYou can find it here. Each NFT receives a unique, non-hackable certificate proving its authenticity. The technology is attractive to sports leagues, with some commissioners predicting that NFTs could revolutionize ticketing.

Candy Digital will use the Ethereum blockchain to run their NFT products and be in direct competition with Dapper Laps. Canada’s Candy Digital leveraged digital collectibles in 2018 to launch the National Basketball Association product. NBA Top Shot sales soared last February and Adam Silver, the NBA commissioner, announced earlier in this month that Dapper had renewed its licensing rights. Dapper luredLast September, the National Football League Rights were acquired.

Dapper saw multiple rises in this year’s valuation. more than $7 billion

Candy Digital believes its Major League Baseball deal will lead to similar results.

Candy Digital was given the complete digital catalog by MLB. Candy Digital can now leverage the rare, collectible NFTs from legends such as Babe Ruth or Jackie Robinson. This company plans to develop an NFT marketplace, where NFTs can be traded, bought, sold, stored, and traded. Candy Digital will make money through transaction fees.

Candy Digital claimed that funds will be used to expand the business and recruit more staff. Candy Digital also stated that it will release a beta version its platform, which features highlights from the 2021 MLB playoffs and upcoming World Series.

Fanatics owns the majority of Candy Digital. Mike Novogratz (founder of cryptocurrency merchant bank Galaxy Digital), also has a share. Novogratz is the company’s chairman, along with Fanatics Chairman Michael Rubin (investor Gary Vaynerchuk). Scott Lawin, Candy Digital’s Chief Executive Officer is Scott Lawin. Rubin is trying to position Candy Digital to be a significant piece to Fanatics digital sports platform. The company’s focus goes beyond sports merchandise.

Fanatics is looking to buy a sports betting business and also wants to start a direct-to consumer sports trading card company. Fanatics was founded in August 2008. secured licensing rightsThe NBA, NFL and MLB were able to make the cards. Those deals helped value Fanatics’ trading card business at $10 billionAfter a raise of $350 millions