Digital Assets: Sotheby’s Launches Secondary NFT Marketplace

May 1, 2023 | Digital Assets, News

The marketplace is an expansion of Sotheby’s Metaverse, the company’s digital artwork and collectibles platform.

Sotheby’s, the art auction house, has launched a peer-to-peer secondary marketplace for non-fungible tokens (NFTs) via its Web3 arm, Sotheby’s Metaverse.

The platform will operate on the Ethereum and Polygon networks, with payments accepted in either ETH or MATIC. (Coindesk)

Sotheby’s will continue to honor artist royalties through smart contracts on its resale platform, which automatically pays artists according to their selected on-chain royalty rate.

The platform will rotate featured artists every few months and on launch will offer collectors a chance to buy and list works by 13 Web3-defining artists, including Tyler Hobbs, XCOPY, Claire Silver, Diana Sinclair, Sam Spratt, Pindar Van Arman, and others.

Sotheby’s has made over $120 million in total NFT sales since entering the space in April 2021. One of the most remarkable events was Pak’s auction with the company in April 2021, as well as the Natively Digital series, which took place in June of the same year. During Natively Digital, Quantum, the first-ever NFT created by Jennifer and Kevin McCoy, sold for more than one million dollars.

Related Story:  Binance Creates AI-Fueled Frenzy On Bicasso, Its NFT Generator

Photo by Andrey Metelev on Unsplash

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