Auction-house giant Sotheby’s announced the launch of its new NFT platform, Sotheby’s Metaverse, on Thursday, Oct. 14. With the NFT ecosystem exploding in 2021, raking in a whopping $10.7 billion in sales volume in Q3 alone, Sotheby’s has become the only auction house to create its own custom NFT marketplace to manage all of its in-house NFT sales.
“Since Sotheby’s first entered the world of digital art earlier this year, it was immediately clear to us that NFTs not only had staying power, but that the potential and application has only just begun to be tapped into,” Charles Stewart, Sotheby’s CEO, said in a statement. “With the arrival of Sotheby’s Metaverse, we are excited to adopt this next-generation technology in such a significant way and to lead the art industry into the world of digitally native art.”
Sotheby’s Metaverse will not only be an extension of the institution’s NFT auctions, but a fully immersive virtual gathering space for collectors and enthusiasts. Those interested in bidding on NFTs on the new platform can create a personal profile, and they’ll receive a unique Sotheby’s Metaverse avatar designed by renowned crypto artist Pak.
Sotheby’s became involved in the NFT ecosystem early in 2021, and has continued to help drive mainstream appeal within the traditional art world. The legacy auction house recently sold a lot of Bored Apes for a staggering $24.4 million, and this latest news of the NFT platform comes in conjunction with the launch of Sotheby’s Metaverse’s first sale, Natively Digital 1.2: The Collectors.
Those interested in Natively Digital 1.2 can peruse the lot of NFTs on the Sotheby’s Metaverse today. This sale acts as the second iteration of Sotheby’s groundbreaking NFT collection from June, and will feature 53 works from 19 high-profile NFT collectors and influencers.
Coming only days after Coinbase announced its forthcoming NFT marketplace, the news of Sotheby’s Metaverse adds yet another large-name competitor into the ring to challenge OpenSea, the largest NFT marketplace. To learn more about Sotheby’s Metaverse, visit the Sotheby’s website.