The famous luxury auction house Sotheby’s announced the launch of its platform on-chain NFT secondary market, aimed at digital art collectors. Unlike existing peer-to-peer NFT marketplaces, Sotheby’s Metaverse will distinguish itself by offering a rotating selection of works by leading digital artists, selected by the specialists of the auction house.
Payment of royalties to artists at Sotheby’s Metaverse
The platform Sotheby’s Metaverse allows collectors to pay for their digital artworks (NFTs) and collectibles using ETH (Ethereum) or MATIC (Polygon). The auction house has also committed to honoring royalties to artists on its marketplace in an automated way thanks to the use of smart contracts and according to the chosen rate.
A selection of digital artists
In a May 1 announcement on Twitter, Sotheby’s revealed that the platform will launch with works by 13 renowned digital artists, including the enigmatic XCOPY, Claire Silver, Tyler Hobbs And Sam Spratt. This curated selection highlights the auction house’s commitment to showcasing the world’s best in digital art.
The growing presence of Sotheby’s in the NFT market
Sotheby’s took its first steps in the market NFT in April 2021, when she sold a work by the pseudonymous digital artist package. Since then, Sotheby’s has participated in several high profile digital art sales. On June 11, 2021, a CryptoPunk rare called “covid alien” sold for the staggering sum of $11.8 million at the auction house. Only three months later, on September 10, Sotheby’s facilitated the sale of 101 NFTs Bored Apewhich grossed a total of $24 million.
In November 2021, Sotheby’s made history by organizing largest NFT charity auction ever, selling 140 rare NFTs to raise money for the non-profit health charity Sostento. As Sotheby’s continues to expand its footprint in the NFT market, the launch of its on-chain marketplace demonstrates a growing commitment to digital art and technology. blockchain.
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