Tad Smith acquires Candy Digital, steps in as CEO
What's the deal? Tad Smith, the former chief executive officer of Sotheby's, and his family have acquired Candy Digital, a digital collectibles platform. Smith is taking over as CEO with plans to rebuild the company around a fan-first approach to collectibles.
Why now? The digital collectibles market has cooled significantly since its pandemic-era peak, leaving companies like Candy Digital at a crossroads. That downturn has created acquisition opportunities for buyers who believe the underlying technology still has long-term value — especially when paired with established sports and entertainment partnerships.
What could go wrong? Consumer enthusiasm for digital collectibles remains well below its 2021–2022 highs, and rebuilding trust with fans who got burned during the hype cycle won't be easy. Smith will need to demonstrate that Candy Digital can offer something genuinely compelling rather than riding on speculative demand.
The signal: This deal reflects a broader pattern of distressed-era acquisitions in web3, where experienced operators are snapping up infrastructure and brands at a fraction of their former valuations. Smith's background running Sotheby's — a company that itself dabbled heavily in NFTs — suggests he sees a viable path for digital collectibles once the market matures beyond speculation and toward real fan engagement.
Read more: AP News
