Art house Sotheby’s launches curated NFT platform called 'Sotheby’s Metaverse'

advertisement

The art auction house Sotheby’s has launched its own non-fungible (NFT) platform. 

Called 'Sotheby’s Metaverse,' the platform will include curated NFTs from the Sotheby’s team and allows individuals to purchase NFTs using ETH, BTC, USDC or fiat currencies. Future features will include dynamic auctions and the ability to mint generative artworks, according to the auction house. 

Sotheby’s new NFT platform is powered by Mojito, a startup that builds NFT platforms and ensures compliance.

The first sales to take place on Sotheby’s Metaverse comes from Natively Digital 1.2: The Collectors, a collection of 53 NFTs from 19 collectors such as Pranksy, j1mmy.eth, and Paris Hilton. 

Like rival auction house Christie's, Sotheby's has become increasingly involved in the NFT art market this year. In April it sold a piece by Pak for $17 million. Since then, Sotheby's has held auctions for CryptoPunks and Bored Ape Yacht Club, among other NFT art projects.

“When Sotheby’s first entered the world of NFTs earlier this year, it was immediately clear that we had so far only scratched the surface of the potential of this new medium — and of NFTs,” said Sebastian Fahey, Sotheby’s Managing Director of Europe, Middle East and Africa. “For me, this latest market innovation is one of the most fundamental and exciting yet, and we are in a unique position at Sotheby’s to apply our expertise and curation to the burgeoning world of art for the digitally native generation.”

Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

The Era of dFMI for Institutional Digital Asset Markets

Post-trade in capital markets today operates primarily based on provision of balance-sheet to off-set counterparty risk, either directly or indirectly, via settlement agents, CCPs and CSDs etc.  The issues with this ‘hub and spoke’ model are well known, including the resulting massive duplication of data, bifurcated processes, concentration of risk and subsequent deployment of capital and resources that could be better utilized. 
Read Full Story
Sponsored Post

Retail traders are here to stay, says eToro's US CEO

On this episode of The Scoop, eToro's newly appointed US lead Lule Demmissie explained why she doesn't see retail's newfound presence in the market subsiding anytime soon and how eToro plans to capitalize on growing the business across cryptocurrencies and stock trading.
Read Full Story
Jan 26, 2022, 4:23PM UTC
More