Sotheby’s, known for being the world’s largest traditional marketplace for art and luxury, is launching Sotheby’s Metaverse, its own dedicated platform aimed at digital collectors.
A major step forward in the new industry, the metaverse platform will include a curated selection of non-traditional gems chosen by the auction house’s specialists.
Sotheby’s stated in a news statement that it ” will be the first auction house to establish a private, customised NFT marketplace that will serve as a destination for NFT sales.”
Sotheby’s has created a new Twitter account, @Sothebysverse, as well as a Discord discussion platform dedicated to the digitalized bidding platform.
While Michael Bouhanna and Max Moore will remain co-heads of digital art sales, managing director Sebastian Fahey will take over as executive lead for Sotheby’s Metaverse, a role he previously held.
NFT Proven To Be The Next Big Thing For Art Market
According to Fahey, when Sotheby’s first entered the world of NFTs earlier this year, it was immediately clear that they had just scratched the surface of this new medium as well as NFTs’ potential.
“At Sotheby’s, we are in a unique position to apply our expertise and curation to the expanding world of art for digitally native adolescents,” he claimed.
Over the past year, Sotheby’s has worked with cryptocurrency artists, curators, and collectors to capitalise on the growing interest in blockchain-based art assets.
Hence, the firm hopes that the new, exclusive NFT marketplace will serve as a virtual meeting place for the most sought-after NFTs, providing both a curated selection and cutting-edge Web3 technology.
Well-known NFT artists such as Dmitri Cherniak, Hackatao, Hideki Tsukamoto, and Brendan Dawes, as well as a number of other artists, have contributed their NFT works to the platform.
Time magazine has also donated an exclusive typographical artwork by the magazine’s creative director D.W. Pine who happens to be the important figure behind TIME Magazine’s latest venture into NFT.
The artwork combines more than 5,000 lines that have previously appeared on the magazine cover throughout its years-long editions.
The catalogue will be available for viewing and bidding on the Sotheby’s Metaverse website from October 18 to 26, 2021.
Participating In Sotheby’s Metaverse
Before participating in the auction, bidders will be asked to create a personal profile and will be given a one-of-a-kind avatar. Buyers may make final payments in a number of cryptocurrencies as well as traditional cash (fiat currencies).
Up until this point, Sothesby’s Metaverse has sold more than $70 million in NFT arworks.
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