Sotheby’s Unveils Its On-Chain NFT Marketplace
Luxury auction house Sotheby’s has announced the launch of a new on-chain marketplace designed for digital art collectors, enabling the purchase and resale of NFTs directly on the blockchain.
Unlike other peer-to-peer NFT platforms, the Sotheby’s Metaverse marketplace distinguishes itself by offering a curated selection of top-tier digital artworks chosen by Sotheby’s in-house specialists. Each collection will rotate periodically, highlighting new and established artists.
All transactions on the platform are executed through smart contracts on Ethereum and Polygon, giving collectors the option to pay with ETH or MATIC.
Artist Royalties Built Into the Blockchain
Sotheby’s emphasized that artists will automatically receive royalties from secondary sales through the platform’s integrated smart contracts. The rate of these royalties will be set by the artists themselves.
“Our new platform represents the next step in Sotheby’s journey into digital art, where creators are directly empowered and recognized,” the company stated.
The marketplace launches with a curated lineup of 13 acclaimed digital artists, including XCOPY, Claire Silver, Tyler Hobbs, IX Shells, and Hackatao.
Sotheby’s Ongoing Role in Digital Art History
Sotheby’s first entered the NFT world in April 2021, auctioning works by the digital artist Pak. Since then, it has hosted several landmark NFT sales, including the $11.8 million sale of the “Covid Alien” CryptoPunk and a $24 million auction of 101 Bored Ape NFTs.
The auction house also broke records with its NFT charity auction for the healthcare nonprofit Sostento, raising millions for medical causes.
By launching its new on-chain marketplace, Sotheby’s continues to solidify its position as one of the most trusted bridges between the traditional art world and the rapidly evolving digital art landscape.
