4 - 6 minute read
Luxury auction house Sotheby’s has announced the launch of a new on-chain marketplace for digital art collectors to purchase secondary NFTs. While many existing NFT marketplaces offer peer-to-peer sales of digital artworks, Sotheby’s is differentiating itself by offering a “rotating, curated selection of leading artists hand-picked by Sotheby’s specialists.” All NFT sales on the Sotheby’s Metaverse platform occur through smart contracts that allow collectors to pay for their art and collectibles in either Ether (ETH) or Polygon (MATIC). Sotheby’s also noted that it will honor artist royalties through smart contracts on the secondary sales platform and will automatically pay artists according to the royalty rate they choose to select.
According to a Sotheby’s announcement on Twitter, the platform will feature works from 13 prominent digital artists, including the pseudonymous artist XCOPY, Claire Silver, Tyler Hobbs, and Hackatao. The auction house has made its first appearance on the NFT scene in April 2021 when it auctioned off the work of a pseudonymous digital artist known as Pak. Since then, it has conducted several record-breaking digital art sales. On June 11, 2021, Sotheby’s sold a rare CryptoPunk known as “Covid Alien” for a staggering $11.8 million. Three months later on Sept. 10, Sotheby’s facilitated an auction of 101 Bored Ape NFTs that cleared a total of $24 million.
Sotheby’s Metaverse is a significant move for the luxury auction house, which has been at the forefront of NFT sales since its first auction in April 2021. With the launch of Sotheby’s Metaverse, the auction house is expanding its reach to a broader audience and offering more opportunities for collectors and artists in the digital art space.
According to the Sotheby’s Metaverse Twitter account, “The next evolution of #SothebysMetaverse is here! The most trusted and dynamic destination to collect, buy and sell remarkable digital works.” The marketplace offers a new way for collectors to invest in digital art, ensuring that the artists receive appropriate compensation through smart contracts.
Moments ago in our #London saleroom, an extremely rare “Alien” CryptoPunk #7523 from the collection of @sillytuna sold for $11.8M as part of our #NativelyDigital NFT auction – setting a new world auction record for a single CryptoPunk. pic.twitter.com/PDVUSttI3o
— Sotheby's (@Sothebys) June 10, 2021
The Bottom Line
Sotheby’s Metaverse is a significant move for the luxury auction house in expanding its reach to a broader audience in the digital art space. The marketplace offers a new way for collectors to invest in digital art, ensuring that the artists receive appropriate compensation through smart contracts. With the launch of Sotheby’s Metaverse, the auction house is expected to attract more collectors and artists to the NFT space, which is likely to have a positive impact on the overall market. Traders should keep a close eye on the market and consider investing in NFTs that are likely to appreciate in value over time.
The next evolution of #SothebysMetaverse is here! The most trusted and dynamic destination to collect, buy and sell remarkable digital works.
— Sotheby's Metaverse (@Sothebysverse) May 1, 2023
Explore: https://t.co/hZvYIkO3xx pic.twitter.com/dCkaCKlXVm
