October 22, 2021
Last Friday, Sotheby’s launched its NFT exclusive
marketplace, Metaverse for collectors of NFTs. It’s the first of its kind among
blue-chip auction houses, and all NFT sales at Sotheby’s will now take place on
this cutting-edge platform. Yesterday, the platform began its inaugural sale.
A non-fungible token (NFT) is a digital object that can
be a drawing, animation, piece of music, photo, or video with a certificate of
authenticity created by blockchain technology. This authentication by a network
of computers is considered inviolable.
The platform offers totally new technical improvements
that the traditional Sotheby’s site could not previously implement on their
main website. The layout of the
Metaverse website, similar in format to NFT-specific platforms such as OpenSea
and Nifty Gateway, is designed to display the NFTS so that viewers can easily
see the transaction history of any piece. Yet, unlike these other platforms,
Metaverse offers a description of each piece’s significance, alongside the
artist’s biography. Additionally, On Sotheby’s Metaverse, buyers will be able
to create a personal profile, with an avatar designed by the crypto designer
Pak.
They will be able to make payments in fiat currencies or
cryptocurrencies including Ethereum, bitcoin and USDC, Sotheby’s said in a press
release. The first sale, called “Natively Digital 1.2: The Collectors,” will
take place between Oct. 18 and Oct. 26, with 53 lots.
The co-head of Sotheby’s Digital Sales says, “We wanted
to have a very diverse sale in terms of the category but also in terms of price
point. We wanted collectibles, gaming NFTs, early NFTs from 2015, 2016,
everything.”
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