Sotheby’s, the renowned art auction house, unveiled its new expansion into the non-fungible token industry. It confirmed the launch of the exclusive NFT marketplace for curated peer-to-peer secondary sales.
The renowned art auction house Sotheby’scontinues to expand into the Web3 ecosystem and recently confirmed the launch of its exclusive NFT marketplace for curated peer-to-peer secondary sales.
The goal is to allow users to list, mint and trade non-fungible tokens through its official platform called ‘Sotheby’s Metaverse‘.
This new NFTs marketplace will have artworks created on two different blockchains, which are: Ethereum and Polygon, since according to statistics, they are the most chosen networks by creators and collectors of non-fungible tokens.
Accordingly, collectors will purchase NFT and pay gas fees using both ETH, and MATIC, the native cryptoassets of both blockchains.
The main feature of this new NFT secondary new secondary NFT market Sotheby’s NFT secondary market is that it will offer an exclusive curated and rotating selection of multiple featured artists, who will be chosen by professionals.
The launch of the new platform will begin with digital artwork from 13 selected artists such as: Tyler Hobbs, Diana Sinclair, XCOPY, Claire Silver, Sofia Crespo, Sam Spratt and others. They also confirmed that over the months, this list will be updated and adding other creators to offer the best quality of digital works for collectors and interested parties.
Trying to differentiate itself with other major NFT markets, Sotheby’s announced that it will honor creators by introducing the famous “blockchain royalty fees.” This means that artists’ royalties will be held through smart contracts implemented by the auction house.
It is worth noting that other platforms also offer this type of royalties for creators, such as Art Blocks. However, other NFT projects such as LooksRare, X2Y2 y Magic Edenamong others, have opted for a zero royalty model.
On the other hand, let’s remember that the well-known digital art auction house started in the world of NFTs in 2021 and since then, it has been creating services and solutions to continue its evolution and adoption of Web3 technology.
As I mentioned earlier, they have their own platform called ‘Sotheby’s Metaverse’, which was developed by Mojitoa Web3 consumer engagement platform that works exclusively with corporate brands such as Sotheby’s, but has also done so with Prada, Givenchy, Feed The Children, Milwaukee Bucks, Liverpool FC and Tampa Bay Rays, among others.
Michael Bouhannavice president and head of NFT and digital art at Sotheby’s, spoke about this new launch and said he is very excited to have this opportunity, as expanding Sotheby’s Metaverse with a peer-to-peer marketplace is a big step in the company’s revolution in the digital art and collectibles space.
He also added that to commemorate this new secondary market, different recognized and emerging artists were carefully selected, which shows Sotheby’s clear intentions to continue creating services for the Web3 ecosystem.
Finally, as he said Bouhannasaid, the digital art auction house’s initiative certainly shows the aspirations they have in contributing to the world of non-fungible tokens and demonstrating a real commitment to the passionate communities of NFTs and to supporting multiple artists and collectors.
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Written by Rodrigo Catalan (TW: @RodrigoCatalanB) for NFT Express.