World-renowned auction house, Sotheby’s, has embraced the digital art revolution by launching a peer-to-peer secondary NFT marketplace. This pioneering platform aims to redefine the art market, providing state-of-the-art opportunities for collectors and artists to transact and interact in the Web3 arena.
Sotheby’s boasts a 275-year history in the art world, and this expansion into the Metaverse is another example of how the iconic auction house dedicates itself to being at the vanguard of the art world, embracing innovation and adapting to the ever-changing landscape.
The next evolution of #SothebysMetaverse is here! The most trusted and dynamic destination to collect, buy and sell remarkable digital works.
Explore: https://t.co/hZvYIkO3xx pic.twitter.com/dCkaCKlXVm
— Sotheby’s Metaverse (@Sothebysverse) May 1, 2023
The secondary marketplace has the opportunity to redefine the art market, providing out-of-the-ordinary opportunities for collectors and artists to interact directly with art. The platform heralds a new era for acquiring, selling, and interacting with digital masterpieces.
Logistics Behind Sotheby’s Metaverse
Sotheby’s new hub for NFT collectibles includes an integrated sales system that’s completely on-chain. Utilizing Ethereum and Polygon Networks, users can pay for iconic digital works of art in either ETH or MATIC.
Further representing a commitment to honoring artists’ royalties, the Metaverse will utilize smart contracts on its NFT marketplace that will ensure artists receive automatic payments based on the royalty rate they pick — overriding a significant industry issue.
What’s more, the secondary marketplace will showcase a rotating selection of artists, presenting new and upcoming artists every few months. Some of the world’s most famous NFT artists — Tyler Hobbs, Claire Silver, XCOPY, Diana Sinclair, Pindar van Arman, and more — will be at the forefront of the platform’s initial debut.
By cherry-picking a group of pioneering NFT artists who have already drawn global attention to digital art, Sotheby’s demonstrates a solid commitment to the Web3 world, creating a space for collectors with refined tastes.
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