Sotheby’s Takes Its NFT Experiment Into the Metaverse
Sotheby's, the renowned British auction house, is entering the metaverse with the launch of a new platform called "Sotheby's Metaverse." This platform allows visitors to explore digital artworks available for auction, learn about the artists and collectors behind the non-fungible tokens (NFTs), and participate in sales.
"Sotheby's Metaverse" will kick off its inaugural sale, titled "Natively Digital 1.2: The Collectors," from October 18 to 26. The collection features 53 works from 19 NFT collectors and serves as the second iteration of Sotheby's initial NFT group sale, "Natively Digital."
The platform is powered by Mojito, a commerce suite designed for creating NFT marketplaces. Mojito supports both fiat and crypto payments, as well as minting functionality. It is optimized for Ethereum and Ethereum Virtual Machine (EVM)-compatible networks.
The metaverse refers to the convergence of virtual worlds, augmented reality, and internet services, creating a collective virtual experience that opens up new opportunities for creators, gamers, and artists.
Sotheby's entry into the NFT market follows successful NFT auctions in the luxury art sector. They held their first NFT sale by pseudonymous artist Pak in April, which generated $16.8 million over a three-day period. In March, Christie's auction house hosted an NFT drop by Beeple, which achieved a record-breaking sale of $69.3 million. The demand for NFTs in the high-end luxury market remains strong, as seen in the recent success of Dolce & Gabbana's NFT collection, the Collezione Genesi, which generated approximately $5.65 million.
Max Moore, Sotheby's co-head of digital art sales and head of contemporary art auctions, expressed the company's commitment to the digital art landscape and collaboration with influential figures in the NFT movement. They have designed a custom marketplace that emphasizes curation and customization to provide a unique experience for participants.
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