Through its Sotheby’s Metaverse branch, the Sotheby’s auction house has launched its own NFT marketplace. It is thus accelerating its Web3 shift.
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La célèbre maison de vente aux enchères Sotheby’s lance sa marketplace NFT
The metaverse branch of Sotheby’s unveils its NFT marketplace
Sotheby’s Metaverse, the Web3 branch of the famous auction house, presented its new marketplace dedicated to non-fungible tokens (NFT) :
The next evolution of #SothebysMetaverse is here! The most trusted and dynamic destination to collect, buy and sell remarkable digital works.
Explore: https://t.co/hZvYIkO3xx pic.twitter.com/dCkaCKlXVm
— Sotheby’s Metaverse (@Sothebysverse) May 1, 2023
For now, Sotheby’s has highlighted 13 artists with very different styles from each other, ranging from photography to digital creation assisted by artificial intelligence. Each featured artist thus has a dedicated page, like a presentation in a traditional art gallery.
As with most NFT marketplaces, transactions will be directly peer-to-peer. In addition, the platform reserves a fee of 2.5% of the sale price. On the royalties side, these are donated directly on-chain to creators via a smart contract.
At the moment, the supported networks are Polygon (MATIC) and Ethereum (ETH).
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An auction house keen on Web3
So, Sotheby’s continues its Web3 shift which was already well under way until then. Indeed, the auction house began accepting cryptocurrencies from 2021, and has served as an intermediary for NFT sales on several occasions.
In September 2021, for example, Yuga Labs sold a batch of 101 copies of the Bored Ape Yatch Club collection, while Tim Berners-Lee, the inventor of the Web, tokenized the source code for an auction.
Through this new marketplace, Sotheby’s supports the idea that the art market is undergoing a profound changeincreasingly relying on non-fungible tokens.
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Source: Sotheby’s
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I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
Vincent Mayor
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