Thawing fondant can create condensation. If your fondant is not bright colors, the condensation will evaporate. If you have bright colors, they can easily bleed.
If the fondant is all one color, and you have time to thaw and evaporate the condensation, it can be frozen.
Also, consider your filling- you would not want to use a fresh fruit filling that might bleed out in the middle of the cake.
If it isn't on the cake, fondant can be frozen, but it isn't necessary. Well wrapped, it will last weeks, even months.
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