Candy Digital Announces Merger With Palm NFT Studio After Laying Off Some Employees - Tokenhell

On Thursday, NFT company Candy Digital revealed it had merged with Palm NFT Studio in an effort to expand its vision of empowering communities through digital ownership. As per the announcement, Candy Digital will continue operating under its current name, and the firm’s CEO, Scott Lawin, will retain his role. Meanwhile, the CEO and co-founder of Palm NFT Studio, Daniel Heyman, will have a new role, serving as the president of the newly formed company.

Along with the merger announcement, Candy Digital also revealed it had sent home part of its workforce. About thirty employees were affected. The company said the reason for the layoffs was fueled by the merger, claiming that reducing its headcount would help streamline operations while ensuring long-term sustainability.

Earlier this month, Palm NFT Studio also let go of some of its workers. However, the number of those affected remains unknown.

Candy Digital and Palm NFT Studio Partners

Since its inception in 2021, Candy Digital has partnered with several organizations, including NASCAR, Major League Baseball, WWE, Netflix and Getty Images, to create digital collectibles. On the other hand, Palm NFT Studio’s partners include DC Comics, Warner Bros., Universal Music Group and Microsoft. This company raised over $25 million in Series B funding in November 2021.

Who Has Invested in Candy Digital?

According to data on the Candy Digital website, over 2 million NFTs have already been minted via the platform. Last year, the company managed to raise more than $90 million, causing its value to reach $1.6 billion. Galaxy Digital CEO Mike Novogratz and Entrepreneur Gary Vaynerchuk are among the top investors in Candy Digital.

Novogratz now controls 60% of the company after he bought a majority stake from Candy Digital founder Fanatics in January. At the time, Fanatics boss Michael Rubin said his firm had made the tough decision to sell its shares in Candy Digital due to what he described as “a collapsing NFT market.” That month, Candy Digital parted ways with one-third of its workforce.

Meanwhile, the firm says the minting of its NFTs will continue on Palm NFT Studio’s blockchain called PALM, which is an Ethereum layer 2.

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