NFT
Art auction house Sotheby’s is expanding into the NFT with the release of a specially curated peer-to-peer secondary marketplace. Through its Web3 division, Sotheby’s Metaverse will now offer direct transactions between collectors on its platform. The integrated sales system will be fully connected to the network via Ethereum and Polygon, and users will be able to pay with either ETH or MATIC token.
Sotheby’s Metaverse says it will continue to pay royalties to artists through smart contracts on its resale platform, which automatically pays artists according to their chosen online royalty rate. The artists featured in Sotheby’s secondary market will change every few months.
The platform will launch with the work of 13 leading digital artists including Tyler Hobbs, Claire Silver, XCOPY and others. Sotheby’s Metaverse also plans to launch a digital art gallery in June through the Oncyber metaverse platform, with different rooms curated by different artists and collectors.
Image: TyN Magazine
