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Sotheby’s Auction House Launches NFT Marketplace

Sotheby’s Auction House Launches NFT Marketplace

Sotheby’s, which is one of “the world’s largest, most trusted and dynamic marketplace for art and luxury”, has announced the launch of its own non-fungible token (NFT) marketplace called “Sotheby’s Metaverse”.

Sotheby’s, which was established on 11 March 1744 in London, is getting into the world of digital collectibles by offering Sotheby’s Metaverse, “an immersive destination for collectors of digital art, offering a curated selection of NFTs”.

According to a report by Decrypt, Sotheby’s Metaverse will auction NFTs, and wll accept fiat currency in addition to Ethereum, Bitcoin and USDC. The auction house will feature NFTs created on Ethereum, as well as blockchains that are compatible with the Ethereum Virtual Machine, thereby in theory opening the door to blockchains such as Polygon and Binance Smart Chain.

Sotheby’s Metaverse was launched on October 14, and the first NFT collection to go on sale on this new platform is called “Natively Digital 1.2: The Collectors” (or “ND1.2” for short). ND1.2 “shines a spotlight on the people who have championed digital artists and contributed to the digital art space” and it consists of “53 lots of culturally significant art from the vaults of 19 collectors”.




Decrypt’s report mentions that Sotheby’s Metaverse is powered by Mojito, “an NFT studio and tech platform company that designs, powers, and operates NFT marketplaces for industry leading brands and IP holders”. Mojito was “incubated by Serotonin, aproduct studio and marketing firm for transformative technologies”.

Michael Bouhanna, Sotheby’s co-head of digital art sales, told Decrypt:

With Sotheby’s Metaverse, we will create a new industry ecosystem that serves as a destination for the most sophisticated digital art sales and auctions, positioning Sotheby’s at the center of some of the most important NFT industry activity.

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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