Sotheby Unveils Exclusive NFT Marketplace for Curated Artwork

Sotheby Unveils Exclusive NFT Marketplace for Curated Artwork

Sotheby has announced the launch of its innovative NFT marketplace, Sotheby’s Metaverse. According to a tweet from the auction house, this platform will showcase a rotating collection of NFT artwork curated by Sotheby’s specialists. Art enthusiasts will have the opportunity to complete transactions using the marketplace’s platform.

Blockchain Technology Integration

The tweet further explained that the marketplace would facilitate transactions entirely on-chain between peers on the Polygon and Ethereum blockchains. Additionally, the platform’s smart contracts will honor artist royalties directly. This move reflects Sotheby’s commitment to integrating blockchain technology in the art world.

Spotlight on Digital Artists

Sotheby’s NFT platform will host a diverse range of digital artwork on a rotational basis. Renowned artists such as XCOPY, Claire Silver, and Tyler Hobbs are among those whose work will be featured on the site. This secondary marketplace aims to highlight the creative talents of the digital art community.

Sotheby’s has embraced cryptocurrency early in its business operations. In a recent auction held in Hong Kong in 2021, the company sold a massive 101.38-carat diamond for a whopping HK$95.1 million (equivalent to US$12.1 million) using an unspecified type of cryptocurrency.

Upcoming NFT Art Sales

In addition to the launch of its NFT marketplace, Sotheby’s has announced that it will be holding sales of the “Grails” art collection. The collection consists of NFT artwork that was previously owned by Three Arrows Capital, a bankrupt crypto hedge fund. The auctions will take place during the Marquee Sale Week at Sotheby’s New York starting on May 19.

In conclusion, the launch of Sotheby’s Metaverse NFT marketplace demonstrates the auction house’s commitment to staying at the forefront of the digital art world. By facilitating on-chain transactions and showcasing curated selections of digital artwork, the platform seeks to offer a unique experience for collectors and artists alike.