INTRODUCING SOTHEBY’S ON-CHAIN SECONDARY NFT MARKETPLACE

INTRODUCING SOTHEBY’S ON-CHAIN SECONDARY NFT MARKETPLACE

INTRODUCING SOTHEBY’S ON-CHAIN SECONDARY NFT MARKETPLACE

Renowned luxury auction house Sotheby's is transforming the landscape of digital art with the introduction of its on-chain secondary marketplace on the Sotheby's Metaverse platform. This revolutionary platform enables collectors to engage in the buying and selling of secondary NFTs. Setting itself apart from other NFT marketplaces, Sotheby's stands out by curating a distinguished collection of artworks by renowned artists, meticulously selected by their team of experts.

Smart Contracts and Cryptocurrency Transactions

Transactions within Sotheby's Metaverse secondary sales are facilitated through automated smart contracts, providing collectors with the ability to acquire artworks and collectibles using Ethereum (ETH) or MATIC, the native token of Polygon. These on-chain transactions are executed on the Ethereum and Polygon blockchains, guaranteeing that artist resale royalties are directly upheld by the marketplace's smart contracts. A nominal seller fee of 2.5% is applied by the platform.

By leveraging smart contracts, Sotheby's Metaverse ensures the preservation of artist royalties on its resale platform, providing automatic compensation to artists in accordance with their selected on-chain royalty percentage.

According to a press release, Sotheby's expressed its dedication to upholding artist royalties, emphasizing its artist-centric approach and positioning itself as one of the few prominent NFT marketplaces committed to artist resale royalties. This commitment arises within the broader context of ongoing discussions about royalties in the NFT community.

Exploring Sotheby’s Metaverse

Sotheby's Metaverse stands as the foremost virtual hub for extraordinary and exclusive NFTs. Within this platform, a carefully curated assortment of digital art is presented, accompanied by artist profiles and collection highlights meticulously crafted by the specialist teams at Sotheby's.

Sotheby's global workforce consists of exceptionally skilled professionals and seasoned representatives strategically stationed in prominent metropolises like New York, London, Paris, and Hong Kong. Their profound knowledge, unwavering enthusiasm, and expansive network allure sellers and buyers from around the globe, frequently leading to groundbreaking transactions.

Within Sotheby's secondary marketplace, a vibrant array of artists' masterpieces takes center stage, meticulously selected by the platform's team of digital art connoisseurs on a rotating basis. The inaugural release encompasses creations by esteemed artists like XCOPY, Claire Silver, Tyler Hobbs, and other notable talents.

Navigating Sotheby’s Secondary Market

To begin, individuals are required to establish a Sotheby's Metaverse profile and fulfill the obligatory legal and compliance procedures. Upon connecting their digital wallet, users gain the ability to acquire NFTs using authorized cryptocurrencies (ETH, MATIC, WETH, WMATIC), depending on the NFT network.

For users to vend NFTs on the Sotheby's Secondary Marketplace, their artworks must undergo scrutiny by Sotheby's teams of specialists. Only artists and collections that pass the approval process are deemed eligible for listing and trading on the platform.

Record Breaking Sales on Sotheby’s NFT Marketplace

Since its inception in 2021, Sotheby's NFT platform has experienced numerous groundbreaking transactions, such as the sale of the highest-priced Bored Ape Yacht Club for $3.4 million in October 2021 and the second most valuable Cryptopunk for $11.7 million. Sotheby's renowned NFT and digital art flagship auctions, known as Natively Digital, take place thrice annually, presenting meticulously chosen NFTs from the most in-demand digital artists and creators.



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