Sotheby’s, the world’s oldest art and luxury auction house, has announced a partnership with public health care advocate and nonprofit organization Sostento to auction its newest NFT collection through Sotheby’s Metaverse. Titled “Gifted: Series 140,” the sale is considered Sotheby’s “largest-ever NFT charity auction,” with all proceeds benefiting Sostento.
The NFTs were originally given away by Twitter as part of a gift of 140 NFTs to 140 random followers in June of this year. Its recipients were called “Besties”. Now, seven of those “Besties” have chosen to sell a full set of seven NFTs to support the efforts of Sostento’s frontline healthcare workers fighting the Covid-19 pandemic and opioid overdose crisis.
The NFT giveaway comes after Twitter CEO Jack Dorsey sold the first-ever tweet on the platform in the form of an NFT in March 2021, valued at $2.9 million. Proceeds from that particular sale helped fund the Covid-19 response in Africa.
Cassandra Hatton, global head of science and popular culture at Sotheby’s, said.
“It’s encouraging to work not only with organisations like Sostento, but with Besties groups who recognise the importance of their NFTs and harness that power for a good cause.”
Among Sostento’s partners is Giving Block, which provides a platform for mission-oriented charities, organizations, universities and religious groups of all sizes to leverage cryptocurrency and receive cryptocurrency funds.
Sostento CEO Joe Agoada said the funds raised from the sale will be handled by Giving Block and then “invested directly in fulfilling our mission to help save lives for frontline healthcare workers.”
Sotheby’s is the first auction house to launch a dedicated marketplace for NFT, known as Sotheby’s Meta Universe. The dedicated platform was launched last month and will exclusively host all of Sotheby’s NFT sales.