Sotheby Art Auction House Opens NFT Marketplace

The 277-year-old, world-renowned art auction house, Sotheby’s has launched an Ethereum-based NFT marketplace. This is great exposure for the NFT space and adds legitimacy to this expanding art genre. The digital universe is growing at a rapid pace. Furthermore, with this renowned household name entering the market, this could be a spark to ignite it further.

Sotheby’s carries the hallmark of excellence and exclusivity. Established in 1744, Sotheby’s is the oldest and most prestigious international auction house. Recognized globally as the premium name in art sales alongside Christie’s and Phillips. Sotheby will reportedly offer top-quality NFTs, selected by art specialists with years of experience. 

Sotheby’s Creates An NFT Marketplace

Michael Bouhann, Sotheby’s co-head of digital art sales, stated to Decrypt,

“With Sotheby’s Metaverse, we will create a new industry ecosystem that serves as a destination for the most sophisticated digital art sales and auctions, positioning Sotheby’s at the center of some of the most important NFT industry activity.”

Mojito, a web3 platform that uses cutting-edge technology and focuses on compliance, will power the marketplace. Sotheby’s Metaverse marketplace will be at the forefront of premium NFT sales.

Significantly, customers will be able to use fiat currency such as GBP and USD to purchase NFTs. Of course, customers will also purchase NFTs using cryptocurrencies, including Ethereum (ETH), Bitcoin (BTC), and others. 

Natively Digital 1:2 The Collectors

Sotheby’s will begin its new venture with Natively Digital 1.2: The CollectorsThis 53-piece collection of digital art will feature “culturally significant art from the vaults of 19 collectors,” according to Sotheby’s. Collectors such as Paris Hilton, J1mmy.eth, and CatDad, Loopify are involved in the project.

Sotheby’s is positioning itself as the go-to marketplace. Sebastian Fahey, the new executive leadership of the platform, stated in a press release,

“In my 17 years at Sotheby’s, I have seen many changes and developments: new artists, genres and media taking the market by storm, tastes and collecting habits transforming–sometimes over time, sometimes almost overnight.”

Will Auction Houses Follow?

This is not the first time that Sotheby’s has sold NFTs. Sotheby’s has partnered with several crypto artists and collectors this year. A collection of art titled “Natively Digital: A Curated NFT Sale’” was released in June. The collection features crypto artist, Rober Alice, which was unquestionably a huge success and raised over $17 million in sales. Christie’s has also sold numerous NFTs, including Beeple’s groundbreaking Everyday: The First 5,000 Days. This collection sold for $69 million in March 2021.

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