Introducing Sotheby's On-Chain Secondary NFT Marketplace

Luxury auction house Sotheby's is revolutionizing the digital art world by launching its on-chain secondary marketplace on its Sotheby's Metaverse platform. The platform will allow collectors to buy and sell secondary NFTs. While many NFT marketplaces exist, Sotheby's distinguishes itself by offering a curated selection of works by leading artists carefully chosen by its team of specialists.

Smart Contracts and Cryptocurrency Transactions

The secondary sales on Sotheby's Metaverse are powered by automated smart contracts, which enable collectors to purchase art and collectibles using Ethereum (ETH) or MATIC, the token native to Polygon. Transactions are fully on-chain and executed on the Ethereum and Polygon blockchains, ensuring artist resale royalties are honored directly through the marketplace's smart contracts. The platform charges a 2.5% seller fee.

Sotheby's Metaverse commits to upholding artist royalties on its resale platform by utilizing smart contracts that automatically compensate artists based on their chosen on-chain royalty percentage.

"Sotheby’s commitment to honoring artist royalties comes amidst a larger debate about royalties within the NFT community, and signals Sotheby’s artist-first ethos as one of the only major NFT marketplaces committed to artist resale royalties," Sotheby's said in a press release.

Exploring Sotheby's Metaverse

Sotheby's Metaverse is the premier virtual destination for unique and exceptional NFTs. The platform offers a curated selection of digital art with artist profiles and collection features penned by Sotheby's specialist teams.

The company's international team comprises highly specialized experts and senior representatives strategically positioned in major cities such as New York, London, Paris, and Hong Kong. Their expertise, passion, and global reach attract sellers and buyers worldwide, often resulting in record-breaking sales.

Sotheby's secondary marketplace features a dynamic assortment of artists' creations, handpicked by its digital art experts on a rotating basis. The platform's initial launch includes works by renowned artists such as XCOPY, Claire Silver, Tyler Hobbs, and more.

Navigating Sotheby's Secondary Market

To get started, users must create a Sotheby's Metaverse account and complete the necessary legal and compliance checks. Once their digital wallet is connected, users can purchase NFTs using approved cryptocurrencies (ETH, MATIC, WETH, WMATIC), depending on the network of the NFT.

To sell NFTs on Sotheby's Secondary Marketplace, users must have their artwork approved by Sotheby's specialist teams. Only approved artists and collections are eligible for listing and selling on the platform.

Record Breaking Sales on Sotheby's NFT Marketplace

Since its launch in 2021, Sotheby's NFT platform has witnessed several record-breaking sales, including the most expensive Bored Ape Yacht Club sale at $3.4 million in October 2021 and the second most expensive Cryptopunk sale at $11.7 million. Sotheby's exclusive NFT and digital art marquee sales, Natively Digital, occur three times a year and feature a highly curated selection of NFTs from the most sought-after digital artists and creators.