Sotheby’s Unveils New NFT Marketplace on Ethereum and Polygon
Sotheby’s, the renowned auction house that gained fame for curating and selling unique works of art, including rare CryptoPunks, is once again disrupting the NFT sector. The art gallery aims to expand its reach by introducing a NFT marketplace that enables artists, collectors and users.
Sotheby’s has sold some of the most expensive jpegs in history, but the company is now focusing on scaling up the NFT market. To stand out among other NFT marketplaces such as Blur, OpenSea and LooksRare, which have embraced a “no royalty” and “reduced creator discounts” stance, Sotheby’s new platform doubles down on its artist-first approach.
Sotheby’s expands NFT Marketplace
Sotheby’s, the British-American auction house with a history spanning 279 years, has launched its latest chain marketplace. The platform helps art collectors trade carefully selected NFTs curated by art experts.
The new NFT marketplace facilitates peer-to-peer transactions entirely on-chain using the Ethereum and Polygon blockchains. Users can easily pay in either ETH or MATIC cryptocurrencies. In addition, the platform has made available all the critical components usually found in other leading NFT marketplaces, with one notable difference: it does not involve the inclusion of royalties.
Sotheby’s announced in a press release:
“Sotheby’s commitment to honor artist royalties comes amid a larger debate about royalties in the NFT community and signals Sotheby’s artist-first ethos as one of the only major NFT marketplaces committed to artist resale royalties.”
Platforms like OpenSea and Blur have adopted a trader-first approach that excludes creators from the equation, unlike Sotheby’s. Kunsthuset’s artist-first approach ensures that creators are paid for their work, setting it apart from other notable platforms.
The launch of Sotheby’s NFT marketplace was recognized and celebrated by many on Twitter, who saw it as a significant step for artists. The platform will debut with a select group of artists, with new artists rotating every few months. It will showcase works from a total of 13 artists, including Tyler Hobbs, XCOPY, Diana Sinclair and Pindar van Arman, among others.
Sotheby’s, a popular auction company, had a remarkable achievement and milestone in 2021 when it entered the non-fungible tokens (NFT) market. Their bold move to join the NFT market proved quite successful, with the business earning more than $120 million in NFT sales alone
Due to the sale of the digital piece of pak, $16.8 million was earned, and it was a remarkable one for Sotheby’s NFT auctions. Pak’s achievement cemented his position as one of the most valuable digital artists in the world
Sotheby’s foray into the metaverse began with the Natively Digital Sale, which featured 53 pieces from 19 NFT artists. The auction featured a diverse selection of NFT artworks, including digital sculptures, video installations and even virtual real estate. The event was a huge success, attracting a global audience of NFT collectors and enthusiasts.
Final thoughts
Sotheby’s has once again made a bold move in the NFT sector by introducing a new marketplace that prioritizes artists’ rights and enables peer-to-peer transactions using the Ethereum and Polygon blockchains. By launching an artist-focused platform, Sotheby’s differentiates itself from other NFT marketplaces that have been criticized for their lack of support for creators. Sotheby’s commitment to honoring artist royalties signals the company’s artist-first ethos, making it a prominent player in the rapidly evolving NFT landscape. The launch of Sotheby’s new NFT marketplace is a significant step towards empowering artists and ensuring they receive the recognition and payment they deserve for their work.
Ken Emmanuel is a blockchain content writer, a Web3 enthusiast and a social media management strategist, he enjoys writing educational content to help people become more knowledgeable and inspired. The growth of any organization he works with is always his priority. He is a geographer by profession and loves to read.
