Major League Baseball NFT Requests $2.7M Trade Debut

Candy Digital, which began selling Major League Baseball (MLB) NFTs this fall, finally opened its store on January 15.

Sales are very strong.

The non-fungible token industry backed by Galaxy Digital announced its partnership with MLB in June, generating over $2.7 million in weekend sales and over $1 million in wrapped copy within eight early hours of the platform.

An official told CoinDesk that the volume now equals the NBA top shot at Dapper Labs, which generated around $2 million in daily sales in January. The sell data provides another perspective on the NFT market, which has become the total drop in cryptocurrency prices since the bubble in 2021. For example, the OpenSea NFT market has high volume, most in January when ETH , the base token of the Ethereum blockchain, fell 15% over the same period.

Candy's MLB business runs on the Palm blockchain and the company uses it to take advantage of low operating costs. Candy, the first Lou Gehrig NFT series developed from Ethereum, still has a low price of 4.5 ETH (~$14,400) from OpenSea, the second most popular exchange, but the platform indicates that the Network oil prices are not stable according to industry standard. I think

In an interview with CoinDesk, Candy Digital CEO Scott Lawin said, "If you're selling an item for $20 or $50, [Ethereum] mainnet oil prices and market volatility are an issue. , and Palm, "Fuel prices are close to zero," he said in an interview.

This concept is prevalent in the NFT landscape today, and non-Ethereum blockchain companies like Solana and Flow are finding a niche among their more non-crypto currencies. (Many platforms like Candy only accept fiat currency.)

Provisions

Lawin said the platform plans to develop "8-10 types of NFT products" with MLB next year.

“We argue there is no panacea,” Lowen said. "So, like I said, we're developing an ecosystem of these products that will appeal to a wide range of collections."

Investors seem to agree on the strategy's potential, boosting the platform with a $100 million funding round worth up to $1.5 billion in October.

Digital Candy is primarily owned by Fanatics sports fan stores and sponsored by entrepreneur and NFT core Gary Vaynerchuk.

Fanatics received Topps, the sport's star performer, for $500 million in January. Topps enters the NFT sector with collectible card-style digital collections of WAX and Avalanche blockchains.