NFT Bazaar Industry Insight | Sotheby’s Shifts Focus to NFTs With Launch of Digital Art Metaverse
ByDavid Thomas October 18, 2021
This post was originally published on beincrypto
Famous art auction house Sotheby’s launches Sotheby’s Metaverse to offer digital collectors a curated NFT collection.
In the world of luxury and art sales, the name Sotheby’s is renowned. Now, Sotheby’s has sought to infuse its core business with a smattering of NFT art in its newly created marketplace. They have collaborated with crypto artists, curators, and collectors to create a collection of blockchain-based art assets on a brand-new platform. The new metaverse will contain 53 works from 19 collectors, including Seedphrase, VerticalCrypto Art, and Hilton Hotels heiress Paris Hilton.
Notable artists featured include Dmitri Cherniak, Hackatao, Eric SnowFro, Board Ape Yacht Club, Kevin Abosch and Brendan Dawes. The metaverse will be accessible at metaverse.sothebys.com, and will run from 18–26 October. Art bidders will need to create a personal profile and receive an avatar created by Pak, a digital artist.
Exciting use cases lie ahead for Sotheby’s
Sotheby’s first entered the NFT world in early 2021, with the works of Pak, which garnered over $17M in sales. Sebastian Fahey, the executive lead on the metaverse project, believed that they had only scratched the surface of the potential of NFTs in April. In June 2021, the auction house sold CryptoPunks #7523 for over $11M. In July, artwork from hip-hop artist Jay-Z’s new album sold for $139,000. They plan to launch NFT ventures into the areas of contemporary art, luxury, fashion, sports, music.
NFTs have been instrumental in keeping art auctioneers afloat during the Covid-19 pandemic, as many physical locations frequented by art lovers had to close their doors. This stimulated the sphere of digital artwork, as art lovers needed new works to populate the hanging space on their walls. NFTs have also served to expose artwork to audiences that traditional channels have failed to capture.
Sotheby’s and Christie’s relish unique position
Sotheby’s and Christie’s occupy a unique spot at a time where art and blockchain technology meet, and can leverage their expertise and curation in the world of traditional art in the digital space, while still nurturing their traditional physical artwork business. Recently, the British Museum partnered with LaCollection to sell NFTs of digital versions of the works of Japanese artist Katsushika Hokusai. Sotheby’s and Christie’s are now accepting cryptocurrency as payments.
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
About NFT Bazaar：
The brand-new founded NFT Bazaar (https://nftbazaar.network) is one of the most-used aggregators that offering up to hyper-efficient NFT markets to benefit not only NFT token holders, but digital artists, musicians, gamers and all kinds of lovers as well, while providing one-stop NFT issuance, bidding and exchange platforms with ease.
NFT Bazaar is more than an info hub, but more like an aggregated digital art gallery and central market interchange that links all live trading venues, investors and creators on this unique platform with ease!! By dedicating to co-contributing the emerging Polygon Network (Matic Mainnet) and Binance Smart Chain (BSC) ecosystem, NFT Bazaar, has never failed to becoming your handy NFT aggregator as well as exchange platform full of vitality.
At present, NFT Bazaar has collected 50,000+NFT contracts and 520,000+ on-chain transaction data, covering 9 categories such as art, collections, virtual world, sports, music, and games. The transaction data is updated in real time, which is far ahead of other similar platforms. Users can quickly find the information they want by category, price, transaction volume, market value, etc., and obtain intuitive chart price display, transaction history and other data.
NFT Bazaar was launched in 2021 but achieved a marvelous record of average weekly UV7,000+ and PV 10,000+, which further expected to reach MAU 50,000+ by the end of 021.
The NFT issuance and transaction function has now been officially launched in May 2021, and NFTs in mainstream contract formats such as 721/1155 can be created at just one-click both in front-end and back-end modes, with updated function of enabling other portocals & smart contracts for instance, the Polygon TPZ Cyborg Series. It is estimated that the platform can support 1,000+ TPS and platform GMV will reach 1,000,000 US dollars/month. By the end of 2021, NFT Bazaar will rank among the top 15 global NFT platforms.
We have currently formed official strategic partnership relationships with other pioneers in this fields, including: @Redblock Capital @Resolute.fund @Rocki @bondlyfinance @Fortube @Ontology/Wing and so. Welcoming to join us at: