NFT News-Sotheby's Launches On-Chain NFT Marketplace

Art auction house Sotheby's is expanding its NFT art offerings with the launch of a curated, peer-to-peer secondary marketplace on its Web3 platform, Sotheby's Metaverse. The marketplace will enable direct transactions between collectors and will be fully on-chain using the Ethereum and Polygon networks. Users will have the option to pay with either ETH or MATIC, the native tokens of the respective networks.

One of the key features of Sotheby's Metaverse is its commitment to honoring artist royalties. The resale platform's smart contracts will pay artists based on their chosen on-chain royalty rates. This approach highlights Sotheby's dedication to supporting artists within the NFT community.

The secondary marketplace will feature rotating exhibitions, with works from 13 prominent digital artists such as Tyler Hobbs, Claire Silver, XCOPY, Diana Sinclair, and Pindar van Arman. Sotheby's entry into the NFT space began in April 2021 and has already achieved remarkable success, generating over $120 million in total NFT sales. 

Sotheby's Metaverse marketplace represents another significant step in the adoption of NFTs and blockchain technology within the art world. With its artist-first approach, transparent transactions, and integration with established blockchain networks, Sotheby's aims to provide a trusted and accessible platform for collectors and artists to engage in the digital art market.

In addition, Sotheby's Metaverse intends to open a digital art gallery in June via the Metaverse platform Oncyber, with various rooms curated by various artists and collectors, including Cozomo De Medici, who goes by the pseudonym Cozomo.