Sotheby’s opens its own NFT marketplace

For more than 250 years, Sotheby’s has been the go-to spot for auctions of collectibles and art pieces. They’ve sold some pretty amazing works in their time! However, despite being around for so long, they’re not content with staying stuck in the past. In fact, just recently on May 1st they announced that they’ll be jumping into the world of NFTs by creating a marketplace all their own.

And let me tell you, this is a game-changer. NFTs are the future of art and collectibles, and Sotheby’s knows it. By creating their own marketplace for NFTs, they’re not only staying ahead of the curve but also providing an incredible opportunity for artists to showcase their work in a whole new way.

Tradition meets innovation

If you’re an art lover or investor who’s into cryptocurrencies, the on-chain platform is perfect for you! You can pay for digital artworks using Ether and Polygon (MATIC) with smart contracts handling all trading. Unlike traditional auctions, there isn’t any auctioneer present here – it works like a regular secondary market where sellers set prices or ask for offers until both parties agree to a price that gets taken over by the smart contract.

But hold up – not everyone can sell their artwork on Sotheby’s as NFTs are “handpicked” and curated only by specialists. These experts provide guidance and context around each piece of work they choose to feature from 13 prominent digital artists such as Tyler Hobbs, Claire Silver, Pindar Van Arman among others. Just so you know though- when it comes down to pricing at Sotheby’s expect luxury range rates just like always!

Handpicked artworks on the web3

Not everyone has the privilege of showcasing their digital art at Sotheby’s. The NFTs are carefully selected by experts and given special attention to ensure they’re top-notch. These specialists offer guidance and context for each piece, making sure it stands out from the rest. This platform features works from 13 renowned digital artists such as Tyler Hobbs, Claire Silver, and Pindar Van Arman – but be prepared to pay a pretty penny since Sotheby’s is known for luxury pricing.

Art on Sotheby's Metaverse

Sotheby’s isn’t new in this game though; they’ve been auctioning off NFTs since way back in 2021! They even sold one CryptoPunk collectible that went for $11.8 million- talk about big bucks! Afterward came other auctions with highly sought-after items like Bored Apes.

Despite any ups or downs within the crypto market itself, Web3 enthusiasm remains strong at Sotheby’s headquarters where on April 19th of last year (2023), an announcement was made regarding selling seized bankrupt hedge fund Three Arrow Capital’s NFT artworks – proving once again how committed these folks really are!