Ethereum

Polygon (Old)

<div class="textg" style="text-align: justify; font-weight: lighter; line-height: 1.3em; font-size: 15px; border-radius: 3px; color: #80909a; padding: 10px; background-color: #F4F6F9; margin-bottom: 15px;">
 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noopener noreferrer nofollow">website policy</a>&nbsp;prior to making financial decisions.
</div>
<p>On Monday, May 1st, one of the world’s largest art brokers, Sotheby’s, <a href="https://twitter.com/Sothebysverse/status/1653049950786265094" target="_blank" rel="noopener noreferrer nofollow">announced</a> its new, curated NFT marketplace through its Sotheby’s Metaverse auction house. According to the company’s Tweet, this will be a fully on-chain peer-to-peer marketplace through Ethereum and Polygon.</p>
<h3 id="sotheby-s-metaverse-offers-new-on-chain-nft-marketplace">Sotheby’s Metaverse Offers New On-Chain NFT Marketplace</h3>
<p>One of the world’s largest art brokers, Sotheby’s, announced on Monday that its web3-focused auction house is getting its secondary NFT marketplace. <a href="https://metaverse.sothebys.com/" target="_blank" rel="noopener noreferrer nofollow">Sotheby’s Metaverse</a> will now offer on-chain sales of select non-fungible tokens. Transactions will be executed through Ethereum and Polygon blockchains.&nbsp;</p>
<blockquote class="wp-block-quote">
 <p>Featuring a rotating, curated selection of leading artists hand-picked by Sotheby’s specialists, providing expert guidance and context for each work, from thematic presentations to artist spotlights, for an easy-to-navigate experience designed for discovery.</p>
</blockquote>
<p>Additionally, according to the announcement, it is set to be curated, and peer-to-peer. Sotheby’s Metaverse will also honor artist royalties directly through on-chain marketplace smart contracts. The marketplace will also have a 2.5% percent seller fee. Already at launch, the platform will offer pieces by 13 prominent artists.&nbsp;</p>
<p>Sotheby’s was established in 1744 in London. The company took an interest in non-fungible tokens and founded its web3-focused Sotheby’s Metaverse <a href="https://tokenist.com/the-nft-gold-rush-is-in-full-swing-who-will-rule-the-metaverse/" rel="noopener noreferrer nofollow">already in 2021</a> near the height of the popularity of non-fungible tokens. Despite the relative decline in interest through the “crypto winter” of 2022, the company has remained committed to its digital collectibles business.</p>
<div class="cta-referral">
 <img src="https://tokenist.com/wp-content/themes/thetokenist/assets/img/del/cta-referral-1.png" alt="" loading="lazy">
 <div class="cta-referral__text">
  <p>Join our&nbsp;<a href="https://t.me/thetokenist" target="_blank" rel="noopener noreferrer nofollow">Telegram group</a>&nbsp;and never miss a breaking digital asset story.</p>
 </div>
</div>
<h3 id="nfts-increasingly-seen-as-cultural-artifacts">NFTs Increasingly Seen as Cultural Artifacts</h3>
<p>Considering its centuries-long prominence in the art world, Sotheby’s involvement with non-fungible tokens certainly lends credence to their claim of being cultural artifacts. Additionally, the broker has been increasingly active in the space and has, just weeks ago, <a href="https://tokenist.com/sothebys-to-auction-off-blue-chip-nfts-seized-from-3ac-starting-in-may/" rel="noopener noreferrer nofollow">announced a multi-stage auction</a> of various blue-chip NFTs in its possession.</p>
<p>Non-fungible tokens have, over recent months, increasingly found their way into major museums. Earlier this year, Refik Anadol, one of the 13 creators whose work will be featured at the launch of Sotheby’s new marketplace, <a href="https://www.moma.org/calendar/exhibitions/5535" target="_blank" rel="noopener noreferrer nofollow">exhibited his “Unsupervised” collection</a> in the famous Museum of Modern Art (MoMA) in New York.</p>
<p>Recent months also saw several important moves toward preserving non-fungible tokens as significant cultural artifacts. Since November 2022, Yuga and Larva Labs have been driving <a href="https://www.businesswire.com/news/home/20221115005630/en/Yuga-Labs-Kicks-Off-First-of-Its-Kind-NFT-Museum-Donation-Initiative-Gifts-CryptoPunk-to-the-Institute-of-Contemporary-Art-Miami" target="_blank" rel="noopener noreferrer nofollow">the “Punks Legacy Project”</a> and have already donated some noteworthy NFTs to Paris’ Centre Pompidou. More recently, an influencer known on Twitter as Cozomo de Medici <a href="https://tokenist.com/digital-art-influencer-donates-22-pieces-to-lacma-as-more-nfts-go-to-museums/" rel="noopener noreferrer nofollow">donated a 22-piece collection</a> to the Los Angeles County Museum of Art (LACMA).</p>
<div class="cta-sub js__cta-sub">
 <div class="cta-sub__start">
  <div class="cta-sub__title">
   <strong>Finance is changing.</strong>
  </div>
  <div class="cta-sub__subtitle">
   Learn how, with Five Minute Finance.
  </div>
  <div class="cta-sub__excerpt">
   A weekly newsletter that covers the big trends in FinTech and Decentralized Finance.
  </div> Try it out (for free)
 </div>
 <div class="cta-sub__form" style="display: none;">
 </div>
 <div class="cta-sub__result" style="display: none;">
  <div class="cta-sub__title">
   Awesome
  </div>
  <div class="cta-sub__caption">
   You’ve subscribed.
  </div>
  <div class="cta-sub__greeting">
   You’re well on your way to being in the know.
  </div>
 </div>
</div>
<p><strong><em>Do you think non-fungible tokens should be considered important cultural artifacts and art pieces? Let us know in the comments below.</em></strong></p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/art-broker-sothebys-introduces-its-curated-p2p-nft-marketplace/">Art Broker Sotheby’s Introduces Its Curated P2P NFT Marketplace</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Art Broker Sotheby’s Introduces Its Curated P2P NFT Marketplace

Table of Contents

Tokenist

Other articles published on May 1, 2023

Join our free newsletter for daily crypto updates!