Sotheby’s Metaverse Unveils On-Chain Secondary NFT Marketplace
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Renowned Art Auction brand Sotheby’s has announced that it is now supporting a curated peer-to-peer (P2P) marketplace for the sale of secondary non-fungible tokens (NFTs) via Ethereum and the Polygon network.
Sotheby’s entry into the Web3 space
Sotheby’s is without a doubt the oldest and most famous art auction house, with over 279 years of operation.
The renowned house continues to take giant steps into the Web3 space following the official announcement of a secondary NFT marketplace launch on its metaverse platform.
The next development of #Sotheby’sMetaverse is here! The most trusted and dynamic destination for collecting, buying and selling remarkable digital works.
Explore: pic.twitter.com/dCkaCKlXVm
— Sotheby’s Metaverse (@Sothebysverse) 1 May 2023
The secondary marketplace features a rotating selection of leading commercials selected by in-house specialists, enabling NFT collectors to list and bid on their favorite artists.
All sales on Sotheby’s metaverse are done through a peer-to-peer model and are completely in the chain.
Sotheby’s has experienced significant growth since launching its metaverse marketplace in October 2021, which includes tokenized digital collectibles.
The curated marketplace will auction NFTs for fiat currency alongside crypto assets such as USDC Stablecoin, Bitcoin and Ethereum.
Set to cement its position as the leading platform for NFTs, Sotheby’s supports all tokenized artwork minted in Ethereum, Binance Smart Chain and layer-2 scaling solution, Polygon.
Sotheby’s metaverse incorporation is aimed at creating a Web3-powered industry that serves as a destination for tokenized art sales and auctions, positioning it as one of the leading NFT hubs in the industry.
Although there are world-renowned NFT platforms such as OpenSea and Blur with amazing peer-to-peer marketplaces, Sotheby’s claims to embed unique offerings that set it apart from the competition.
Users can easily access curated selections of tokenized assets of leading artists handpicked by Sotheby’s.
Collectors will be offered 13 versatile leaders in the art world, including notable mentions such as Sam Spratt, Tyler Hobbs, Claire Silver and Pseudonymous XCOPY.
There will also be a scheduled change every few months to make Metaverse’s digital marketplace platform exciting for creators and collectors.
This development is tipped to trigger a new wave of artists, collectors and enthusiasts to Sotheby’s Web3 space.
Oversight of Sotheby’s Metaverse, royalty structure and sales history
Mojito, a revolutionary NFT technology and Web3 ecosystem, powers Sotheby’s Metaverse platform and has seen a rise to greater heights.
Sotheby’s Vice President Michael Bouhanna described the partnership with Mojito as an important step forward for the 279-year-old auction house as it continues to navigate and explore the Web3 space.
The Metaverse hub is dedicated to secondary NFT art sales and is built to honor royalty fees specified by creators through smart contracts on the secondary sales market.
A royalty fee for NFT creators is accumulated from secondary sales, usually 5% to 10% of the original sale price.
Royalties are automatically released to artists’ wallets to promote greater transparency, seamless user experience and a commercial venture-driven hub that supports all creatives.
The auction house has previously processed milestone trades of tokenized digital art via its metaverse marketplace, including a whopping $11.8 million sale of a one-of-a-kind CryptoPunk coined “Covid Alien.”
This was closely followed by a staggering $24 million auction of up to 101 Bored Ape tokenized digital art.
In November 2021, Sotheby’s hosted arguably the biggest, most amazing and most popular charity auction in memory, with up to 140 rare NFTs sold to raise money for renowned healthcare charity, Sostento.
The auction house’s giveaway was followed by the $2.9 million sale of ex-Twitter CEO Jack Dorsey’s first tweet as an NFT on the platform.
The proceeds were also directed to charity in Africa in response to the outbreak of Covid-19.
Sotheby’s metaverse claims to expand in the future by integrating a versatile marketing strategy, redefined peer-to-peer (P2P) secondary sales and higher royalties to entice artists.
