Sotheby’s Metaverse launches curated secondary NFT marketplace
Through its Web3 arm Sotheby’s Metaverse will now offer direct transactions between collectors on its platform. The integrated distribution system will be fully integrated into the chain ether And polygon Networks, and users can pay with either the native token ETH or MATIC.
Sotheby’s Metaverse says it will continue to honor artist royalty rates through smart contracts on its resale platform that automatically pay artists according to their chosen on-chain royalty rate.
“Sotheby’s commitment to honoring artists’ royalties is part of a larger one Debate on royalties within the NFT community and signals Sotheby’s artist-first ethos as one of the few major NFT marketplaces to charge royalties for artist resale,” the platform said in a press release.
Artists featured on Sotheby’s secondary marketplace change every few months. The platform will launch with works by 13 leading digital artists, including Tyler HobbsClaire Silver, XCOPY, Diana Sinclair, Pindar van Arman and others.
“The ability to add a fully on-chain, peer-to-peer marketplace to Sotheby’s Metaverse is an important step forward in our evolution in digital art and collectibles,” said Michael Bouhanna, Sotheby’s vice president and head of NFTs and digital art in a press release. “To commemorate this event, we are opening our secondary market to a carefully selected group of artists, many of whom were at the forefront of the movement, bringing digital art to the world. This underscores Sotheby’s commitment to the NFT community and creating a space for discerning collectors.”
Sotheby’s Metaverse also plans to launch a digital art gallery in June via the Metaverse platform Oncyber, with different rooms curated by different artists and collectors, including the pseudonym Cozomo de Medici.