Auction house Sotheby’s dove deeper yet into NFTs this week, launching a bespoke NFT marketplace it will curate with collectors and artists.
Sotheby’s Metaverse will serve as the primary portal for NFT sales through the auction house, which has hosted several NFT auctions in recent months and built its own virtual auction house in metaverse sandbox Decentraland.
Sebastian Fahey, a managing director and 17-year veteran at Sotheby’s, will lead the new enterprise.
“When Sotheby’s first entered the world of NFTs earlier this year, it was immediately clear that we had so far only scratched the surface of the potential of this new medium, and of NFTs,” Fahey said. “For me, this latest market innovation is one of the most fundamental and exciting yet, and we are in a unique position at Sotheby’s to apply our expertise and curation to the burgeoning world of art for the digitally native generation.”
Metaverse launches with the second part of their successful Natively Digital Series. The sale, conducted on Metaverse, will feature 53 pieces from 19 influential NFT collectors. Among the collectors are prominent DJ Steve Aoki and reality TV star and entrepreneur Paris Hilton.
The first auction tied to Natively Digital fetched more than $17 million. In June, Sotheby’s Cassandra Hatton told Crypto Investor she believed something significant was happening with NFTs, which could reshape entire industries.
“When I sit down and explain it [to people], and they really get a chance to wrap their heads around it and see that it's actually not complicated. It's actually pretty simple, pretty clean. Then you see the gears turning,” she said. “And they’ll say ‘Oh, my gosh, this actually has some really major implications for the art market, music market.’ There's so many things it's going to change.”
Disclosure: Stephen Stirling is a senior reporter for the Street Crypto. He is an NFT artist that uses the platform OpenSea, and holds NFTS from NBA TopShot, Zed.Run, Robotos and Superlative Secret Society currently valued at more than $500 USD.