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Candy Digital Raises $38M in Funding Amid Company Turmoil

Sports apparel and memorabilia firm, Fanatics, divested its ownership stake in Sports-focused company Candy Digital earlier this month. Following the reports, Candy Digital announced a Series A extension funding, with a new SEC filing providing the financial details.

Candy Digital was launched in 2021 with the mission of accelerating fandom with digital collectibles and experiences. Set up by Galaxy Digital, with Gary Vaynerchuk and Fanatics, it raised $100 million in a series A funding round at a $1.5 billion valuation.

However, crypto winter hit hard last year and it was swept with some unnerving challenges in the web3 world. NFTs lost their sheen and macroeconomic stimulants were lying low. Back in November, it announced a massive layoff and chopping of 33% of its workforce to face the onslaught. Just as the company downsized to weather the storm, more bad news followed. Candy Digital’s majority stakeholder announced the sale of its 60% share in the organization. New updates with respect to funding rounds will throw some light on the latest developments.

Candy Digital shows Resilience

Earlier this month Candy Digital announced a series A extension funding round but the finer details were not included. In a fresh new filing with the U.S. Securities and Exchange Commission (SEC), financial figures pertaining to the funding round were provided. As per the latest filing, Candy Digital has raised a whopping $38,449,997 from 14 investors in an equity offering. The raised amount represents more than half of the $68,188,480 that the company is looking to raise. 

We build for the fans

Today, we take the next step in our journey with a new round of investment led by some incredible web3 partners, including @galaxyhq, @ConsenSysMesh, @ConsenSys. https://t.co/AXX6tfVhJ3

— Candy (@CandyDigital) January 5, 2023

Despite these setbacks, Candy Digital has successfully raised a mammoth amount in its funding round. Backed by some strong players and pioneers, it surely is not looking back at the downfalls. Rather it is focusing on the way forward, bridging the gap. The Sports and entertainment disruptor has also released a plan on how it intends to use up its surplus inventory from the prior year. 

The Story continues

In its own press release, CEO, Scott Lawin revealed that the funding would prove as an effective lubricant to help scale its platform. They would also be looking to form new partnerships in the future with known platforms. Galaxy Digital and ConsenSys Mesh along with 10T and others steered ahead this round. The successful fundraising demonstrates that innovative and disruptive platforms will remain valuable despite any obstacles.

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The Nieux Society Launches Mardi Gras NFTs with Special Privileges

The Niuex Society, a New Orleans-based Web3 company, has launched Mardi Gras-themed NFTs that offer holders special privileges. The carnival themed event kicks off on February 21, and Niuex has found a way to utilize NFTs to allow for special access. Therefore, for $160, you will get an NFT pass that allows you to access food and drinks.

In addition, the pass offers access to private parties, exclusive performances, special events, and even restrooms along the parade route. Interestingly, the latter has attracted ridicule online, as some people cannot fathom needing a pass to access the washrooms. However, you cannot underestimate the importance of finding a decent restroom in a crowded parade.

That said, the Mardi Gras-themed NFTs are made up of a collection of 5,000 AI-generated digital collectibles. These NFTs will be available for purchase later this week.

In a press release, Tim Williamson, co-founder and CEO of the Nieux Society, notes that “Nieux Society members used this cutting-edge technology to create a collective vision for Mardi Gras while utilizing NFT technology to provide holders exclusive access, benefits, and an ongoing invitation to join us on our journey to help New Orleans’ realize her full creative potential.”

I’ve got my “Show Me your Mardi Gras “NFT’s created with ai generative art and access to a front row seat for the Mardi Gras parade season! Check it out and see how to get yours below.. https://t.co/xoTs5GLkpy pic.twitter.com/P6LgKnKz4x

— 504nieux.x (@TCHGSD2619) January 13, 2023

NieuxCo Mardi Gras Themed NFTs Are Nothing New

Because of their unique characteristics, NFTs are becoming increasingly popular as access passes. Last August, a restaurant in New York sought to use them for reservations, but they faced backlash similar to what the Nieux Society is facing for its Mardi Gras washroom pass. Some have even gone to the extent of describing them as grifters who are selling unlicensed securities.

However, it appears this use case is here to stay, as NFT passes make tracking and proving ownership easy. So far, there are several businesses making use of them, such as the Flyfish Club. Its NFTs offer holders access to top-end seafood restaurants. However, they don’t come cheap, as one goes for about 2.7 ETH.

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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.

 

 

 

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Nike .SWOOSH Platform Will Let Users Create Custom Wearables

The Nike .SWOOSH platform is shaking up the fashion world by allowing users to create digital wearables and mint them as NFTs. The #YourForce1 competition is running on Instagram until January 29th. Fans have the ability to submit a footwear design and, if chosen, will receive $5,000 for their work to be created into digital sneakers by Nike designers. This is a must for any Nike fan to see their design backed by the Swoosh.

The contest to work with Nike Designers runs until January 29th. Credit: Nike.

What Is The Nike .SWOOSH Platform?

The Nike .SWOOSH platform is a big move forward, as it will allow fans to create and sell their own digital wearables. The platform is built on blockchain, providing security and transparency in trades. Additionally, the platform will enable designers, artists, and everyday enthusiasts to create their own wearables and sell them through a decentralized marketplace. The Instagram competition runs until January 29th.

The .SWOOSH platform allows users to create their own designs. Credit: CoinSwitch.

Who Will Benefit From .SWOOSH?

Fans will be able to access the .SWOOSH platform directly from the Nike app. There, anyone can use a number of tools that will allow them to create their custom designs. Nike is also giving fans access to its library of designs, so that imaginations can run wild and iterations can be completed quickly. Finally, users will be able to set their own prices and receive payment directly.

Fans can sell their Nike designs directly via the Nike app. Credit: PYMNTS.com.

Nike Moves Into The Metaverse?

Nike is making big moves into the metaverse with .SWOOSH. The platform allows fans to create and sell their unique designs, all within the Nike ecosystem. Additionally, fans can join in on the #YourForce1 competition on Instagram. Winners get a chance to work with Nike designers. The competition runs until January 29th.

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NFT Funded Film Calladita Wins Top Prize At Sundance

An NFT-funded film, Calladita, has won the top prize at the Sundance film festival. The movie, directed by Miguel Faus, tells the story of Ana and “explores themes of class differences and injustice from a profound and sophisticated perspective, moving away from easy clichés and caricatures.”

Calladita is a Film3 type of movie that employs decentralized technologies to free and empower independent artists. In this case, Faus and his team financed the movie using NFTs, and by winning the Andrews/Bernard Award, it’s a dream come true.

The award was established in April of last year by Steven Soderbergh, a renown filmmaker, and Decentralized Pictures. To encourage independent filmmaking talent, he committed $300,000 in completion funds for notable English-language films and shorts, with the NFT-funded film, Calladita, representing the first film to win the award.

Speaking to Decrypt, Faus notes that Film3 represents the future of independent cinema and is the reason the movie exists. The award presented on Saturday had Faus beaming. He took to Twitter to express his joy, thanking the Decentralized Pictures Foundation, his entire team, and the more than 500 individuals who believed in his idea and bought the NFTs.

Legend Steven Soderbergh just gave us a Completion Funds award for our film CALLADITA at Sundance.

HUGE thanks to @DCP_Foundation, our whole cast & crew, and the 500+ degens that made this film possible. pic.twitter.com/Br8DFmlAzc

— miguel faus.eth CALLADITA FILM (@miguelfaus) January 21, 2023

Decentralized Pictures is a non-profit organization that seeks to discover new and innovative filmmaking talent. The platform allows filmmakers to submit movie pitches by paying a submission fee in FILMCredits (FILM), its native token. Then, platform users get to vote on which ideas receive funding from grants.

According to Leo Matchett, cofounder of Decentralized Pictures, blockchain technology doesn’t only allow the platform to “fairly and transparently determine who deserves the financing the most, but also has this incentivized behavior mechanism built into it.”

What Does The Future Hold For Film3 After NFT Funded Film Calladita Won Top Prize?

That said, funding movies using NFTs represents a new frontier for filmmaking. So far, the likes of Spike Lee and Kevin Smith have utilized them to finance films and drive engagement. At a time when most people see NFTs as nothing more than speculative assets, maybe this is the kind of use case required to prompt mass adoption. Now it’s possible for fans to fund the next blockbuster and own a piece of its success.

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