Auction giant Sotheby’s launches “Sotheby’s Metaverse” NFT marketplace

 Auction giant Sotheby’s launches “Sotheby’s Metaverse” NFT marketplace

Auction giant Sotheby’s launches “Sotheby’s Metaverse” NFT marketplace.

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Sotheby’s, ‘the world’s largest and most trusted and dynamic marketplace for art and luxury’ has launched “Sotheby’s Metaverse”, an Ethereum-based NFT marketplace platform.

Sotheby’s has been warming up to cryptocurrencies for some time. Last May, the auction giant announced that it was planning to accept major cryptocurrencies as a new payment method for its Banksy auction “Love is in the air”. Now it is taking things a notch further with the launch of “Sotheby’s Metaverse”, a digital marketplace which will auction NFTs and accept fiat currency in addition to Bitcoin, Ethereum and USDC stablecoin.

NFT (Non Fungible Token) art has been growing in popularity among investors. It is based on the idea of digital ownership of an artwork, which, even though investors can’t touch -or sometimes even see-they legally own. This was made possible with the introduction of Blockchain, which allows to track copyright ownership and maintain records of creation. The rise of NFTs allows investors to not only own but rent digital art out, sell or display it.

Sotheby’s Metaverse launch took place on October 14, and it is considered to be an industry first. Its “Natively Digital” sale takes place from October 18 to 26 and it features 53 artworks such as Bored Ape Yacht Club, which is a collection of 10,000 Bored Ape NFTs living on the Ethereum blockchain.

Bidders will need to create a personal profile and receive a unique avatar which is created by crypto designer and digital artist Pak. Pak is considered a crypto art scene pioneer, who has been making digital art for more than 25 years.

Art NFTs have the potential to empower artists, earn them a decent income and make the art industry more open and accessible. It is a new field of possibility for those who care to explore it.

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