Sotheby’s Launches NFT Distribution Market | coindesk JAPAN | Coindesk Japan

Auction giant Sotheby’s is launching a specially curated peer-to-peer (P2P) secondary marketplace to enhance its offering of NFT art.

The company’s Web3 division, Sotheby’s Metaverse, offers direct collector-to-collector trading. Ethereum and Polygon are used for the sales system network, and payments can be made with native crypto assets ETH and MATIC, respectively.

According to Sotheby’s Metaverse, royalties paid to artists will continue to be maintained.

“As the only major NFT marketplace committed to resale royalties for artists, Sotheby’s artist-first It shows the spirit.” (company press release)

“The opportunity to expand the Sotheby’s Metaverse with a fully on-chain P2P marketplace is important in our evolution in the field of digital arts and collectibles,” said Michael Bouhanna, Vice President and Head of NFTs & Digital Arts at Sotheby’s. It’s a big step,” the release said.

Sotheby’s, an auction house with a history of 275 years, entered NFT in April 2021, and the NFT transaction volume so far exceeds 120 million dollars (approximately 16.4 billion dollars, converted to 1 dollar 137 yen). So far, CryptoPunks’ “Covid Alien” sold for $11.7 million in June 2021, and World sold for $5.4 million in July 2021. The Wide Web source code, a rare Bored Ape Yacht Club character that sold for $3.4 million in October 2021, and many other record-breaking sales.

｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
｜Image: Sotheby’s Metaverse, modified by CoinDesk
｜Original: Sotheby’s Launches On-Chain Secondary NFT Marketplace