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Sothebys’ Metaverse – Taking art to the digital world

It looks as if there is no stopping the rise of NFTs (Non-Fungible Tokens), especially in the art scene. It is now a close interaction between high-end art and digital platforms especially with news of NFT sales driving up headlines each day.

Cannot afford to neglect the emergence of NFTs

The biggest art collectors and even celebrities have already been reported to get involved in NFTs including the likes of Jimmy Fallon and many others. While there are digital platforms that facilitate the sale of NFTs like OpenSea.io and Rarible, it is not surprising to see the brick-and-mortar traders get involved too. This came in light of the recent announcement by international auctioneer Sotheby’s of the launch of Sotheby’s Metaverse which will allow them to keep close to competitor auction house Christies’. The Sotheby’s Metaverse is set to be a dedicated platform that provides the space for digital collectors to offer their NFTs and will surely push the bar even further.

One of its kind

The Sotheby’s Metaverse is surely the first in the industry and one-of-its-kind at the moment. This would be a proprietary and custom marketplace for NFTs and their users to trade. Sotheby’s has already gotten involved since the advent of NFTs. Since 2020, the auction house has worked with crypto collectors, curators and artists and the new platform will seek to provide a virtual environment where NFTs can be appreciated, collected and traded. It claims to use ‘cutting-edge Web3’ technology to facilitate its platform.

Those who are looking to bid for NFTs will need to create their personal profile

A unique avatar will then be provided. This will be designed by Pak, a renowned crypto designer and digital artist. It must be noted that Pak’s collection ‘The Fungible’ launched the platform, driving some 3,000 new buyers and raking in sales of about US$17 million.

Here, buyers are allowed to pay for transactions using various types of cryptocurrencies as well as fiat currency. Pushing it further into its digital presence, Sotheby’s also launched the @Sothebysverse which is their new Twitter handle and a discussion platform on Discord. On top of that, Sotheby’s is planning to expand into other areas on their NFT venture including sports, science, entertainment, technology, music and such. It recently launched the second iteration of the ‘Natively Digital’ sale through ‘Natively Digital 1.2: The Collectors’. Among the collectors who have been involved include Steve Aoki, Paris Hilton and many others.

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