Renowned art auction house Sotheby’s is expanding its Web3 influence with the launch of the curated peer-to-peer secondary NFT marketplace. Users will be able to list, mint, and trade NFTs via a portal on Sotheby’s Metaverse platform.
The NFT marketplace will feature art pieces on Ethereum and Polygon since they are the “networks of choice for NFT creators and collectors.” This implies that collectors will purchase NFTs and pay gas fees using ETH or MATIC, the native cryptocurrencies for supported blockchains, using their self-hosted digital wallets. Direct transactions between collectors with a fully on-chain sales system will be available on the platform.
The distinctive feature of Sotheby’s secondary NFT marketplace is that it will offer a “rotating, curated selection of leading artists” that will be chosen by professionals. The launch of the new platform will kick off with digital artworks from 13 selected artists, including Tyler Hobbs, Claire Silver, Diana Sinclair, XCOPY, and others. The list of creators will be subject to change every few months.
Defying the norm among other major NFT marketplaces, Sotheby’s honors and introduces on-chain royalty fees specified by creators. The artists’ royalty fees will be upheld through smart contracts implemented by the auction house. Most platforms, like LooksRare, Magic Eden, and X2Y2, have recently adopted a zero-royalty model. On the other hand, platforms like Art Blocks are on the same side as Sotheby’s.
Sotheby’s Metaverse is powered by a Web3 Mojito, the platform that Sotheby’s invested in two years back. It’s worth noting that Sotheby’s debuted in the NFT world in 2021 and continues its Web3 evolution. Expressing his enthusiasm for the latest NFT initiative, Sotheby’s vice president and head of NFTs and digital art Michael Bouhanna said:
“The opportunity to expand Sotheby’s Metaverse with a fully on-chain peer-to-peer market is an important step forward in our revolution within the digital art and collectible space. To commemorate this event by opening our secondary market to a carefully selected group of artists [. . .] further emphasizes Sotheby’s commitment to the NFT community and to creating a space for discerning collectors.”
The latest NFT initiative by Sotheby’s shows the auction house’s aspiration to contribute to the non-fungible world as well as demonstrates its commitment to the NFT community and support for artists and collectors.