- Sotheby’s Metaverse launches a curated secondary NFT marketplace for peer-to-peer digital art sales on Ethereum and Polygon networks.
- The platform honors artist resale royalties through automated smart contracts, reflecting Sotheby’s commitment to an artist-first ethos.
- The marketplace features a rotating selection of handpicked leading artists, with 13 creators debuting on the platform.
Sotheby’s, the renowned auction house with a history spanning almost three centuries, is again making headlines with its latest venture into the world of non-fungible tokens (NFTs). The company has announced the launch of a secondary NFT marketplace on its Sotheby’s Metaverse platform, offering collectors the opportunity to buy and sell digital art from a curated selection of leading artists in a fully on-chain, peer-to-peer environment.
A New Era for NFT Art Sales
Sotheby’s Metaverse platform initially went live in October 2021, focusing on direct NFT sales. With this new expansion, secondary NFT artwork sales will be conducted directly between collectors, facilitated by automated smart contracts. The marketplace supports NFT artwork minted on Ethereum and Polygon, networks Sotheby’s recognizes as the “networks of choice for NFT creators and collectors.”
The secondary marketplace is designed to honor secondary on-chain royalty fees specified by artists, a feature that sets it apart from other NFT marketplaces. This creator royalty, typically ranging from 5% to 10% of the sale price, is automatically sent to the artist’s wallet after a secondary sale. Sotheby’s decision to honor these royalties comes amid a broader discussion about resale royalties about NFTs, reflecting the auction house’s commitment to supporting artists in the evolving digital art landscape.
Handpicked Artists and Rotating Selections
While other broad-scale, peer-to-peer NFT marketplaces are available today, such as OpenSea and Blur, Sotheby’s secondary marketplace distinguishes itself through its curated offerings. A rotating selection of leading artists, handpicked by specialists at Sotheby’s, will be featured on the platform, with the roster of artists changing every few months.
The initial wave of artists includes 13 creators that Sotheby’s deems as leaders in the digital art world, such as Claire Silver, Sam Spratt, Tyler Hobbs, and the pseudonymous XCOPY. This curation strategy demonstrates Sotheby’s dedication to showcasing exceptional talent, offering collectors a unique opportunity to acquire works from some of the most innovative artists in the NFT space.
Sotheby’s Metaverse and Its Web3 Partnerships
The Sotheby’s Metaverse platform is powered by Mojito, an NFT tech and commerce suite developed by Serotonin, a Web3 marketing firm and venture studio. Sotheby’s became an early investor in Mojito in 2021, emphasizing its commitment to staying at the forefront of technological advancements in digital art.
Michael Bouhanna, Sotheby’s Vice President and Head of NFTs and Digital Art, described the launch of the secondary marketplace as an “important step forward” for the auction house as it continues to adapt and thrive in the rapidly growing Web3 space.
Sotheby’s secondary NFT marketplace marks a significant milestone in the evolution of the digital art market. By honoring artists’ royalty fees, curating exceptional talent, and embracing cutting-edge Web3 technologies, the auction house is setting new standards for the industry and redefining the art world’s relationship with NFTs. As more collectors, artists, and institutions enter the realm of digital art, Sotheby’s Metaverse is poised to play a pivotal role in shaping the future of NFT art sales and beyond.