Bryn Mawr billionaire Michael Rubin has decided that NFTs aren’t all that after all, writes Victor Fiorillo for Philadelphia Magazine.
Rubin purchased a 60 percent stake in an NFT company back In October 2021 when he was a co-owner of the Philadelphia 76ers.
Candy Digital had produced NFTs for Major League Baseball and Stranger Things through its sports merchandising firm.
Fifteen months later, on Wednesday, Jan. 4, Rubin divested his stake in Candy Digital.
“Over the past year, it has become clear that NFTs are unlikely to be sustainable or profitable as a standalone business,” Rubin wrote in an email. “Aside from physical collectibles (trading cards) driving 99 percent of the business, we believe digital products will have more value and utility when connected to physical collectibles to create the best experience for collectors.”
By divesting ownership now, investors can recoup most of their investment via cash or additional shares in Fanatics, Rubin said.
Rubin is founder and owner of Fanatics, an online sportswear and sports collectibles company.
His current value is estimated by Forbes at $11.3 billion. He attended Villanova University for one semester but dropped out following a successful business transaction, according to Wikipedia.
Read more about Michael Rubin’s decision to abandon NFTs at Philadelphia Magazine.