Candy Digital and Palm NFT Studio have announced a merger, bringing together two powerhouse companies to expand licensed non-fungible token (NFT) projects across sports, entertainment, art, and culture. The two firms will work together under the Candy Digital name, creating digital experiences for sports franchises and entertainment giants.
We’re thrilled to bring together two teams that have been market leaders in innovation and fan engagement, said Candy Digital CEO Scott Lawin. Palm NFT Studio shares Candy’s excitement about the role that digital assets will play as the connective tissue between fans, brands, and content in Web3, and we’re looking forward to bringing world-class brands like Warner Bros., Discovery, and DC to the Candy platform and community.
The merger will combine the infrastructure of both companies, allowing them to create transformative experiences for fans. Palm NFT co-founder and CEO Daniel Heyman will be appointed as president of Candy Digital. The two companies have previously worked together to roll out NFTs and digital collectibles leveraging each other’s infrastructure.
Candy Digital is backed by Michael Novogratz’s digital asset firm Galaxy Digital and entrepreneur Gary Vaynerchuk, while Palm NFT Studio has received funding from Microsoft’s venture fund M12 and Warner Bros. The former raised a $100 million Series A round in October 2021 at a $1.5 billion valuation, while the latter participated in a $27 million funding round in December 2021.