Auction house Sotheby’s has stepped into the metaverse trend by launching its own NFT marketplace, dubbed Sotheby’s Metaverse.
First Auction House to Have Its Own NFT Marketplace
Non-Fungible Tokens (NFTs) is the fastest-growing trend in the DeFi community, with over US$10 billion in trading volume in the third quarter of 2021, with astronomical sums changing hands such as a collection of Bored Ape NFTs that sold for US$25 million last month.
NFTs are also used in the metaverse – virtual as in Decentraland, where players can interact with each other and trade items and pieces of land in the form of NFTs, all in a blockchain-based digital landscape.
With such rapid expansion in the space, Sotheby’s decided to step into the metaverse and become the first auction house to own an NFT marketplace. The platform, launching October 18, is powered by Mojito, an NFT studio and tech platform that provides services including brand identity, strategy and management for NFT businesses.
The platform will host various well-known NFT collectors and artists across the space, including Steve Aoki, Paris Hilton, Whaleshark, Pranksy, Straybits, and more. Some of its lots contain rare Pepe pieces, the famous CryptoKitties, and Time magazine’s NFT collection.
Sotheby’s is one of the world’s largest brokers of fine and decorative art, jewellery and collectibles, with 227 years of history. An auction house with its trajectory could surely boost the NFT industry.
This isn’t the first time Sotheby’s has entered the digital world. As Crypto News Australia reported in June, the auction house accepted crypto for the first time as payment for a rare 101.38-carat diamond.
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