Sotheby’s Metaverse has made a new online marketplace that lets people buy and sell art to each other using the Ethereum and Polygon networks. They choose the art that is sold on the marketplace.
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/I34HMUGCOBDXROS5VLSEYHVNUE.png)
Image Source: Coindesk
Sotheby’s is making a new online marketplace where people can buy and sell special art pieces that are non-fungible tokens (NFTs). The art is chosen carefully by Sotheby’s, and people will be able to buy and sell it to each other directly.
Sotheby’s Metaverse is making a new online platform where people can buy and sell art directly to each other. People can use Ethereum or Polygon to pay for the art. The whole system is on the blockchain and is controlled by Sotheby’s Metaverse.
Sotheby’s Metaverse will keep paying artists their share of the profits when their art is resold on the platform. This happens automatically through a smart contract that follows the artist’s chosen royalty rate.
Sotheby’s Metaverse wants to pay artists their share of profits from the sale of their art. This is important because not all online marketplaces pay artists when their art is resold. Sotheby’s Metaverse is one of the few major online art marketplaces that is committed to paying artists.
The artists who will showcase their art on Sotheby’s Metaverse will change every few months. The platform will start by featuring works from 13 popular digital artists like Tyler Hobbs, Claire Silver, XCOPY, Diana Sinclair, Pindar van Arman, and more.
Sotheby’s VP and Head of NFTs and Digital Art, Michael Bouhanna, said in a statement that creating a fully on-chain peer-to-peer market through Sotheby’s Metaverse is a significant step towards expanding their presence in the digital art and collectibles industry. Bouhanna added that the launch of their secondary marketplace featuring a carefully curated group of leading digital artists further showcases Sotheby’s dedication to the NFT community and creating a space for collectors to find unique works of art.
Sotheby’s, an auction house that’s been around for 275 years, entered the NFT market in April 2021 and has since made over $120 million from selling NFTs. The platform has helped with some of the most expensive NFT sales, including the sale of a “Covid Alien” CryptoPunk for $11.7 million in June 2021, the sale of the World Wide Web source code for $5.4 million in July 2021, and the sale of a rare Bored Ape Yacht Club NFT for $3.4 million in October 2021.
Sotheby’s Metaverse is planning to launch a digital art gallery in June. It will be available through a metaverse platform called Oncyber and will feature different rooms curated by various artists and collectors, including Cozomo De Medici, who is known for keeping their identity secret.
