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Candy, the NFT collectible company launched by Mike Novogratz and Gary Vaynerchuk, raised a $100 million Series A at a $1.5 billion valuation, the company announced.

The funding round was led by venture capital firms insight Partners and Softbank Vision Fund 2, and included participation from Connect Ventures, Creative Artist Agency and New Enterprise Associates.

The announcement comes days before the launch of Candy’s digital collectible series with Major League Baseball, which, if successful, could vault it into the upper echelon of the NFT market.

“Candy is focused on being the trusted, institutional-grade provider of authentic licensed products in the NFT space, and we are excited to continue to grow our business and develop unique digital assets which bring fans and collectors closer to the sports and players they love,” said Scott Lawin, CEO of Candy Digital, in a statement. “Blockchain and NFTs provide tremendous opportunities to enhance the fan experience by allowing people to own a piece of their passion. We’re thrilled to continue partnering with the leading sports leagues around the world to engage fans through the next generation of sports collectibles as we create the future of fandom together.”

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Launched this spring, Candy has primarily trafficked in sports collectibles, courting big clients like the U.S. Tennis Association and Major League Baseball. Candy plans on launching packs of video baseball NFTs Oct. 26, a product similar to the wildly popular NBA TopShot from Dapper Labs.

The project, like any launching right now, faces some strong headwinds. Primary sales on NFTs are down more than 50 percent in October, according to NonFungible.com, an NFT data aggregation site.

If it succeeds, however, it will be a significant blow to Topps, their primary competition in the baseball space. Topps recently lost their MLB license to Fanatics, whose CEO, Mike Rubin, helped found Candy. While Topps has a license for a few more years and was first to launch NFTs, the company’s first two drops were marred by technical issues.