a sales platform dedicated to NFTs

One of the world’s four most influential art and collectibles auction houses, Sotheby’s, will open a platform for NFTs. “Sotheby’s Metaverse”, announced on October 14, will organize its first sale, “Natively Digital 1.2: The Collectors”, by the end of the month.

NFTs represent 2% of the art market

NFTs are these certificates of authenticity of a work or a digital artefact generated using a blockchain protocol. Associated with a virtual object, they make it unique. According to an Artprice report published in early October and relayed by theAFP, NFTs represent 2% of the global art market, aided by the Covid-19 pandemic. In the third quarter of 2021, the NFT market exceeded $ 10 billion in transactions.

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The Internet Association, the lobby of GAFAM in Washington, will no longer exist in 2022

An emerging art market that Sotheby’s does not intend to miss. The company has already organized the sale of the source code behind Tim Berners-Lee’s web. The program left for $ 5.4 million in early July, 4.6 million euros.

Other notable digital object sales were held, including the first tweet in history, written by Jack Dorsey, the co-founder and CEO of Twitter. Another influential auction house, Christie’s, has auctioned off a digital work by American artist Beeple. It sold for $ 69.3 million (€ 59.7 million) in March 2021.

Sotheby’s will organize two sales per year

Sotheby’s has decided to move up a gear with ” Sotheby’s Metaverse “. Bi-annual sales will be organized on the platform. It will of course be possible to pay in cryptocurrency, Ether, Bitcoin, USDC, or in “classic” money.

Sotheby's Metaverse on a starry background

Extract from the Sotheby’s Metaverse presentation video. Credit: Sotheby’s

53 lots will be offered from October 18 to 26 for the premiere, “Natively Digital 1.2: The Collectors”. Among the digital works, presented from Saturday in London, creations by artists Pak, Rare Pepe, Larva Labs. Collectors have started to register for the sale. Some famous names are there, like Paris Hilton or DJ Steve Haoki.

Sotheby’s is not the first company to create its NFT sales platform. Coinbase recently announced that it is launching its own marketplace. Since August the Chinese giant Alibaba has started its activity.

The arrival of a house as prestigious and old as Sotheby’s on this market, however, changes the situation. With this announcement, the NFT acquires its letter of nobility in the global art market.

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