Sotheby's metaverse now represents a curated peer-to-peer trading platform operating on Ethereum and Polygon networks.
Sotheby's, the famous auction house for works of art, is taking the sale of non-fungible tokens (NFTs) to the next level by launching a special peer-to-peer secondary market.
Managed by the company's Web3 division, Sotheby's metaverse will allow direct transactions between collectors. Transactions can be made with both ETH tokens and MATICs, as the sales system is integrated with both networks.
Moreover, Sotheby's metaverse promises to provide artists with royalties from the resale of their work through smart contracts, which are paid according to a pre-selected online rate.
Sotheby's has expressed its commitment to respecting artists' copyrights, which is discussed in the ever-growing NFT sector. Sotheby's is also committed to putting the artist first, which is why it is one of the few major retail venues to provide royalties on resale. It will begin with a showcase of works by thirteen outstanding digital creators, including Tyler Hobbs, Claire Silver, Pindar van Arman, Diane Sinclair and XCOPY. The line-up of artists will be updated every couple of months.
Michael Buanna, Sotheby's vice president and head of NFT and digital art, said in a press release that the expansion of Sotheby's metaverse into a fully interconnected peer-to-peer market is an important step in the development of digital art and collecting. It also expressed Sotheby's commitment to the NFT community, marking the occasion by providing access to a carefully selected set of artists, some of whom have been at the forefront of the movement and have brought attention to digital art worldwide. This provides a platform for discerning collectors.
Since April 2021, 275-year-old auction house Sotheby's has earned more than $120 million in NFT auctions. It has been involved in the creation of some notable developments in the sector, such as CryptoPunk Covid Alien, which sold for $11.7m in June 2021, the World Wide Web source code, which sold for $5.4m in July 2021, and the Bored Ape NFT Yacht Club, which sold for $3.4m in October 2021.