Sotheby’s, the renowned art auction house, is expanding its collection of non-fungible token (NFT) art by introducing a carefully selected peer-to-peer secondary market.
Sotheby’s Metaverse will offer collector-to-collector transactions on its platform via its Web3 subsidiary. Customers will have the option to pay with either ETH or MATIC, as the integrated sales system will be completely on-chain using the Ethereum and Polygon networks.
According to a press release from the platform, Sotheby’s announcement to uphold artist royalties coincides with a broader discussion concerning royalties in the NFT community. This move by Sotheby’s highlights the company’s artist-centric philosophy, as it is one of the primary NFT marketplaces that are dedicated to ensuring artist resale royalties.
The featured artists on Sotheby’s secondary market will move around every few months. Prominent digital artists, such as Tyler Hobbs, Claire Silver, XCOPY, Diana Sinclair, and Pindar van Arman, will be among the thirteen artists whose works will be featured during the launch of the platform.
In a press release, Michael Bouhanna, the Vice President and Head of NFTs and Digital Art at Sotheby’s, stated that the opportunity to expand Sotheby’s Metaverse with a fully on-chain peer-to-peer market is a significant step forward in the company’s evolution within the digital art and collectible space.
According to Bouhanna, the careful selection of artists for the secondary market launch showcases the company’s commitment to the NFT community and its goal of providing a space for collectors with discerning tastes. Many of the selected artists have played a significant role in the movement and have garnered worldwide attention for their digital art.
Since April 2021, when it began offering NFTs, the 275-year-old auction house has made over $120 million in NFT sales. Sotheby’s NFT marketplace facilitated several NFT transactions that broke records, such as the sale of a CryptoPunk “Covid Alien” for $11.7 million in June 2021 and a distinct Bored Ape Yacht Club NFT for $3.4 million in October 2021.
In June, Sotheby’s Metaverse intends to create a digital art gallery through the Oncyber metaverse platform, with several areas curated by artists and collectors such as Cozomo De Medici.