In the digital collector’s marketplace Candy MLB, fans and collectors can trade Baseball cards that are officially licensed NFTs. Also, the NFTs are on the Palm blockchain a sidechain of Ethereum. This guide comes with a full explanation.
Recently founded in 2021, Candy Digital was created with the idea to introduce NFTs to baseball fans. In fact, earlier in 2021, the company announced that it completed a $100 million Series A financing round. By all means, it values the company at approximately $1.5 billion.
Correspondingly, Candy Digital was formed by three executive partners, including Michael Rubin, CEO of Fanatics, Mike Novogratz, founder and CEO of Galaxy Digital, and Gary Vaynerchuk, serial entrepreneur and investor.
Fast forward to January 2022, Candy Digital launched its Secondary Marketplace. In addition, it will allow users to buy and sell previously released officially licensed Major League Baseball NFTs. Indeed, Candy MLB will be the first baseball platform in the USA that introduces the concept of digital assets(NFTs) to a broader audience.
Also, in an official response, the CEO(Scott Lawin) said ‘We’re obviously very excited about utilizing all the opportunities that exist in the NFT space, in terms of being able to mint and own a digital asset,‘ in an interview with the Block.
Candy’s mission is to develop next-generation sports and culture digital assets. By providing authentic objects and experiences that deepen fan engagement and connect people to their passions.
In this guide, will be explained how to use the digital marketplace. Furthermore, what options do you have with NFTs, and what future Candy MLB has in general.
What is NFT or Non-fungible tokens?
First of all, for all digital noobs 😉, I’ll explain NFTs here. NFTs stand for non-fungible tokens. These non-fungible tokens are different from other cryptocurrencies(like Bitcoin) in the market that is also based upon blockchain technology. The main difference is related to the fact that NFTs or baseball cards are unique. That means that in every card/NFT collection no duplicates exist.
Nowadays, when we handle Bitcoin, each BTC looks the same. The same happens with a $10 US dollar bill. They all look the same. Instead, NFTs are unique and there are no copies of the same NFT in the market.
What is the Idea behind the Candy Marketplace?
With the help of NFTs and blockchain technology, the Candy Digital platform will be able to create NFTs based upon real game highlights or other iconic professional memorabilia that ever happened in baseball history. The main idea is that baseball fans can own digital card packs called MLB Packs.
For example, before the Candy marketplace was launched in January 2022, there were several card drops. Initially, a total of 25,000 packs were dropped, each costing $50 and containing three MBL NFTs each. All the NFTs in the Candy MLB packs featured players of different rarities and serial numbers, similar to NBA Top Shot. From Aaron Judge to Shohei Ohtani, you could open a pack to receive a wide variety of players. Each player was either a core, uncommon, rare, epic, or legendary, with the legendary rarity being a 1-of-1 NFT.
All in all, Candy MLB has a team of world-class digital artists, designers, and technologists who are developing a broad range of digital collectibles. Beginning with NFT sports cards and expanding into art, entertainment, music, and more.
Candy MLB Explained: How does the Platform Work?
Since the launch back in January, the marketplace has been in constant flow with people picking up new listings to grow their collections. Icons of all rarities are getting grabbed by collectors who want to complete the full collection or fans who just want to own a favorite player.
In order to use the platform digital collectors have the following options:
- All-Star packs(Contain 3 All-Stars)
- Uncut diamond packs(Contain 3 top prospects)
- MLB Play of the Day(Video highlights of that particular play)
- MLB 2021 ICON NFTs(Build a collection of your favorite MLB stars)
- The MLB Stadium Series(A collection of all 30 MLB stadiums)
How to get Started on Candy MLB
To start buying or trading your first Candy NFT you need to create an account first. In fact, buying a Candy NFT is as simple as buying anything online. Therefore, go to Candy Marketplace and create an account.
Similarly, to create an account at a crypto platform like Binance you have to go through a verification process first. In order to successfully sign up you have to do the following:
- Make sure the name in Candy profile matches your name on your identity papers
- Take photos of both sides of your identity papers
- Make a selfie
- You are a US resident
Even though, Candy Digital is using blockchain technology on its platform, paying with cryptocurrencies like ETH isn’t supported yet. In order to buy your first collector’s item, the only option you have is to pay with fiat money($). Moreover, you can use a credit or debit card for it, and once purchased the NFT will be available in your account.
Besides purchasing items it’s also possible to list your items for sale. In addition, to list items for sale you have to set a fixed price for them. Unfortunately like with trading NFTs on Opensea.io you can’t run auctions and let others place bids.
|A 5% fee will apply to all sales and purchases in the MLB marketplace. When purchasing NFTs with a credit card a processing fee will also apply.|
Cash out from Candy MLB
Suppose you made some very good deals on the marketplace, how to cash out the Candy balance? In order to withdraw money to your banking account, you need at least $75 in your account. Remember that cashing out money is kind of a bureaucratic process:
- $25 service is charged
- Bank transfer can last 30(!) days
- All earned funds will be in pending state for 7 days
Also, it is important to realize that in order to withdraw money, your account should be fully verified(KYC).
Candy Cash Explained
Candy Cash is a new feature of the platform that allows you to buy or sell Candy NFTs with digital money. However, it is important to realize that Candy Cash isn’t a cryptocurrency that can be used on other platforms like Binance.
So, why should you convert your USD to Candy Cash? The number one reason for this is that you don’t have to pay the 5% trading fee when buying or selling cards on the marketplace.
Cashing out Candy Cash to your bank account is possible, but has some hatchbacks:
- Minimal balance of $75
- Also minimal one sale on the marketplace
In technical terms burning NFTs means removing them entirely from the Palm blockchain. When you burn your NFT, the transaction is irreversible. Burning can be used for a variety of reasons, and Candy Digital is still exploring its various use cases.
In particular, the Candy marketplace will give you the option to remove your NFT from the blockchain. This burning event will be made possible at certain time frames. Moreover, burning your NFT is a way to unlock a new NFT by giving away the one you already own.
For example, if you own a 2021 Team Candy Jersey NFT, you will be able to burn this NFT for a different Candy x MLB NFT in the future. In other words, you will be able to swap your 2021 Team Candy Jersey for a different Candy NFT in the future if you choose to do so.
The future of Candy MLB marketplace
Since its launch in January 2022, the trading volume on the Candy marketplace has been increasing at a steady pace. According to their blog in January, they ‘have broken history with more than 26000 sales in just three weeks‘.
Moreover, trading some of the legendary and epic cards had some top sales:
- Shohei Ohtani Legendary: $100,000
- Shohei Ohtani Epic: $36,000
- Fernando Tatis Jr. Epic: $20,000
- Mike Trout Epic: $17,900
- Mike Trout Epic: $15,000
As you can see the interest in trading baseball cards in the form of NFTs is serious business. In addition, I think with the rising popularity of NFTs in general it will continue to grow in 2022 and beyond.
All in all, Candy MLB is certainly still in its infancy and needs time to grow. Moreover, currently, about 15 employees are working for the marketplace which is a collection of digital artists, technical people, and others. This is an exciting project to pay attention to both the licensed IP and the sharp team of creators that is behind it. As we have seen from other officially partnered projects that combine professional sports and digital collectibles, the potential to grow further is unlimited.
Finally, what other plans does the Candy Digital team have? The social media team has indicated that there will be an offer system, gifting, and a bridge to allow collectors to bring their items on or off the platform as needed.
Personally, I think this Candy MLB is a good start to introduce sports cards NFTs to a broader audience. However, it would be a real improvement if the bigger crypto investors would have easy access to the platform as well. In other words, expand the use of blockchain technology and allow users to connect with crypto wallets like Metamask.
No, at the moment Candy Digital isn’t publicly traded or launching an IPO. Candy Digital is a non-fungible token (NFT) startup launched by sports merchandise retailer Fanatics and valued at about $1,5 billion.
Candy is working with digital artists and creating MLB Licensed NFTs as well as working with current college athletes. Furthermore, earlier in 2021, the company was funded with a $100 million Series A financing round. All in all, the transactions on the marketplace are considered trustworthy and being executed in transparency.
Candy Digital has three owners or executive partners, including Michael Rubin, CEO of Fanatics, Mike Novogratz, founder and CEO of Galaxy Digital, and Gary Vaynerchuk, serial entrepreneur and investor.
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