• Sotheby’s brings its NFT experiment to the Metaverse

  • Sotheby’s, the 277-year-old British auction house, is establishing itself in the metaverse with the launch of a new platform called Sotheby’s Metaverse, which allows visitors to view digital artworks at auction and learn about the collectors and artists behind NFT.

    “Sotheby’s Metaverse” will hold its first auction from October 18 to 26, with an item titled “Natural Figures 1.2: The Collectors.” The collection includes 53 works from 19 NFT collectors and is the second iteration of Sotheby’s first NFT group sale, Natively Digital.

    Sotheby’s new platform is powered by Mojito, a commerce suite for creating NFT marketplaces, offering fiat and cryptocurrency payments and minting capabilities.Mojito is optimized for Ether and Ether Virtual Machine (EVM)-compatible networks.

    Cool Cat #160, part of the initial Sotheby’s Metaverse auction (Sotheby’s)

    Metaspace is a virtual space generated by the convergence of virtual worlds, augmented reality and internet services. By providing a collective virtual experience, it opens up new opportunities for creators, gamers and artists.

    Back in April, Sotheby’s held its first NFT sale by pseudonymous artist Pak, which fetched $16.8 million in a three-day decline, and in March, Christie’s held an NFT by Beeple that sold for a record $69.3 million. Demand for NFTs in the high-end luxury market remains strong, with Dolce & Gabbana’s most recent NFT collection, Collezione Genesi, garnering about $5.65 million.

    “We have spent months exploring all aspects of the digital art sector, aligning ourselves with some of the most influential people in the NFT movement to build a marketplace that prioritizes curation and customization,” said Max Moore, co-head of digital art sales and head of contemporary art auctions at Sotheby’s.

    What's your reaction?