Prestigious Auction House Sotheby's Launches Secondary Marketplace for NFTs
Sotheby's, the prestigious auction company, has launched an online marketplace for NFTs. This move signifies their embrace of the digital art world and marks a significant milestone for the institution.
Sotheby's, the renowned auction house, has recently unveiled an exciting new online marketplace dedicated to digital art collectors seeking to acquire secondary NFTs. What sets this marketplace apart from others already in existence is its unique feature of offering a "rotating, curated selection of leading artists" meticulously chosen by Sotheby's experts. All transactions within this platform are conducted through smart contracts, enabling collectors to conveniently pay using ether (ETH) or Polygon (MATIC).
An additional noteworthy aspect of Sotheby's new marketplace is the implementation of smart contracts to ensure artists receive royalties for their work. Artists can specify the rate at which they wish to be compensated, and the platform automatically executes the payments. The announcement made on May 1 revealed that the launch collection will feature works by thirteen prominent digital artists, including XCOPY, Claire Silver, Tyler Hobbs, and Hackatao.
Sotheby's, with its establishment dating back to 1744 in London, initially ventured into the NFT realm in April 2021 by auctioning works from the pseudonymous digital artist known as "Pak." Since then, the company has achieved numerous record-breaking sales in the digital art space. Notable transactions include the sale of a rare CryptoPunk "Covid Alien" for a staggering 11.8 million USD and the successful brokerage of the 101 NFT Bored Ape auction, which generated a total of 24 million USD. In November 2021, Sotheby's organized the largest NFT charity auction to date, raising funds for the nonprofit medical organization Sostento.
Overall, Sotheby's continuous foray into the NFT domain demonstrates its commitment to embracing the digital art revolution and facilitating the thriving market for collectors and artists alike.
Source: https://cointelegraph.com/news/sotheby-s-auction-house-launches-on-chain-secondary-nft-marketplace
analyst opinion
Jakub Odvářka
Sotheby's, the renowned auction house, has recently unveiled an exciting new online marketplace dedicated to digital art collectors seeking to acquire secondary NFTs. What sets this marketplace apart from others already in existence is its unique feature of offering a "rotating, curated selection of leading artists" meticulously chosen by Sotheby's experts. All transactions within this platform are conducted through smart contracts, enabling collectors to conveniently pay using ether (ETH) or Polygon (MATIC).
An additional noteworthy aspect of Sotheby's new marketplace is the implementation of smart contracts to ensure artists receive royalties for their work. Artists can specify the rate at which they wish to be compensated, and the platform automatically executes the payments. The announcement made on May 1 revealed that the launch collection will feature works by thirteen prominent digital artists, including XCOPY, Claire Silver, Tyler Hobbs, and Hackatao.
Sotheby's, with its establishment dating back to 1744 in London, initially ventured into the NFT realm in April 2021 by auctioning works from the pseudonymous digital artist known as "Pak." Since then, the company has achieved numerous record-breaking sales in the digital art space. Notable transactions include the sale of a rare CryptoPunk "Covid Alien" for a staggering 11.8 million USD and the successful brokerage of the 101 NFT Bored Ape auction, which generated a total of 24 million USD. In November 2021, Sotheby's organized the largest NFT charity auction to date, raising funds for the nonprofit medical organization Sostento.
Overall, Sotheby's continuous foray into the NFT domain demonstrates its commitment to embracing the digital art revolution and facilitating the thriving market for collectors and artists alike.
Source: https://cointelegraph.com/news/sotheby-s-auction-house-launches-on-chain-secondary-nft-marketplace
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