Famous art auction house Sotheby’s launches Sotheby’s Metaverse to offer digital collectors a curated NFT collection.
In the world of luxury and art sales, the name Sotheby’s is famous. Today, Sotheby’s has sought to infuse its core business with a bit of NFT art in its newly created marketplace. They’ve collaborated with crypto artists, curators, and collectors to create a collection of blockchain-based art assets on a whole new platform. The new metaverse will feature 53 works from 19 collectors, including Seedphrase, VerticalCrypto Art and the heiress of the Hilton Paris Hilton hotels.
Notable artists featured include Dmitri Cherniak, Hackatao, Eric SnowFro, Board Ape Yacht Club, Kevin Abosch and Brendan Dawes. The metaverse will be accessible on metaverse.sothebys.com and will run from October 18 to 26. Art bidders will need to create a personal profile and receive an avatar created by Pak, a digital artist.
Exciting use cases await Sotheby’s
Sotheby’s first entered the NFT world in early 2021, with Pak’s works, which generated more than $ 17 million in sales. Sebastian Fahey, the executive head of the Metaverse project, believed they had only scratched the surface of NFT’s potential in April. In June 2021, the auction house sold CryptoPunks # 7523 for more than $ 11 million. In July, artwork for hip-hop artist Jay-Z’s new album by artist Derrick Adams sold for $ 139,000. They plan to start NFT businesses in contemporary art, luxury, fashion, sports, music.
NFTs were instrumental in keeping art auctioneers afloat during the Covid-19 pandemic, as many physical places frequented by art lovers had to close their doors. It boosted the digital art sphere as art lovers needed new works to populate the space hanging on their walls. NFTs have also been used to exhibit works of art to audiences that traditional channels have failed to capture.
Sotheby’s and Christie’s appreciate the unique position
Sotheby’s and Christie’s occupy a unique place at a time when art and blockchain technology meet, and can leverage their expertise and curation in the world of traditional art in the digital space, while continuing to nurture their traditional physical art activity. Recently, the British Museum has partnered with LaCollection to sell NFTs of digital versions of works by Japanese artist Katsushika Hokusai. Sotheby’s and Christie’s now accept cryptocurrency as a means of payment.
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