Tad Smith, former CEO of Sotheby's and current chairman of the NFT project Doodles, has agreed to acquire most of the assets of the digital collectibles platform Candy Digital. Upon the deal's expected closure in the coming weeks, Smith will also assume the role of CEO, signaling a significant personal and financial bet on the future of the sector.
This acquisition represents a major vote of confidence in the digital collectibles market at a time of severe contraction. Candy Digital, once boasting 1.5 million users with licenses from Major League Baseball and DC Comics, entered a maintenance phase in 2024 after the NFT market collapse. Smith's move, leveraging his auction house background and prior push into NFTs at Sotheby's, suggests institutional players see long-term potential in blockchain-based ownership and licensed digital assets, despite current market conditions.