Sotheby’s, a major art auction house, launches an on-chain NFT secondary market

Auction house dating back 275 years Sotheby’s launches a distinct secondary NFT market along with its metaverse. On the platform, there is room for fine art NFTs. 

In the field of digital assets, the company grows as a result. Due to this shift, Sotheby’s is distinct from other current NFT markets. The website will also provide a “rotating, curated selection of leading artists hand-picked by Sotheby’s specialists.”

Sotheby’s secondary market is selling pieces by 13 well-known digital artists. Among the artists who have contributed to this are Tyler Hobbs, Claire Silver, XCOPY, Diana Sinclair, Pindar van Arman, and others. Every few months, a different artist will be featured on the website.

To be clear, smart contracts govern every NFT sale that takes place on Sotheby’s Metaverse platform. This offers buyers of digital art the option of paying with either Ethereum (ETH) or Polygon (MATIC). 

The firm has also said that it will honor artist royalties using smart contracts on the secondary sales platform and will automatically pay artists by the royalty rate they choose.

In April 2021, Sotheby’s made its first foray into the NFT market, and since then, total NFT sales have exceeded $120 million. Numerous NFT sales breaking records were made possible by the company’s platform. A “Covid Alien” CryptoPunk that sold for $11.7 million in June 2021, the source code for the World Wide Web that went for $5.4 million in July 2021, and a rare Bored Ape Yacht Club NFT that went for $3.4 million in October 2021 are a few examples.

Sotheby’s enters the quickly growing industry for digital art with the establishment of its own NFT marketplace. 

More collectors are probably going to be drawn in by the company’s long history and proficiency in traditional painting. These may also be individuals who were previously hesitant to take part in NFT sales on other platforms. 

With its revolving lineup of top performers, Sotheby’s is also providing a distinctive element. This can attract collectors searching for premium, unique NFTs.

According to a press statement from the platform, “Sotheby’s commitment to honoring artist royalties comes amidst a larger debate about royalties within the NFT community, and signals Sotheby’s artist-first ethos as one of the only major NFT marketplaces committed to artist resale royalties.”

I am Vishal. I post articles about the cryptocurrency markets. I'm pursuing a BBA degree. My home is in Navi Mumbai, Maharashtra.I'm constantly interested in new advancements in this industry and I learn something new about it every day. I would love to share such information with you all.

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