Sotheby’s, the luxurious auction house known for offering some of the most valuable art around the world, is now entering the digital scene. The house has announced the launch of their new on-chain marketplace, allowing digital art collectors to purchase secondary NFTs. The platform will include a selection of works hand picked by Sotheby’s specialists and will feature works from some of the most prominent artists. Payments for NFTs on the Sotheby’s Metaverse platform will occur through smart contracts and buyers will have the option of paying with Ether (ETH) or Polygon (MATIC).

The British-American clearing house also announced they will pay artists royalties through these smart contracts. So while the primary purchasing process takes place off-chain, which is usually the case with NFT, these secondary purchases will be taken care of via on-chain transactions.

Moreover Sotheby's has already proven to be quite successful in the NFT space. Just last June the auction house sold a rare CryptoPunk named "Covid Alien" for an outstanding $11.8 million. On September the 10th they ran a smaller auction consisting of 101 Bored Ape NFTs, accumulating a total of $24 million. And ultimately Sotheby's organized the biggest NFT charity auction in history back in November, auctioning 140 rare NFTs to raise funds for the nonprofit healthcare organization Sostento.

Sotheby's has certainly made a remarkable entry in the NFT space and with the launch of their new on-chain marketplace, it's likely we will be seeing many more digital accomplishments from the 280-year-old house.



Other News from Today