Auction house Sotheby's starts marketplace for secondary NFT sales

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On May 1, the company announced a supplement to Sotheby’s metaverse in the form of a "dynamic goal to collect, buy and sell remarkable digital works".

The blockchain-based NFT marketplace will primarily serve for the second sale of digital art. According to the announcement, the marketplace will offer a rotating, curated selection of leading artists who have been handed over by Sotheby’s specialists.

You offer "expert guidance and context for every work, from thematic presentations to artist spotlights, for an easy-to-navigation experience that is designed for discovery."

The next development of #SotheBysmetaverse is here! The most trustworthy and dynamic goal to collect, buy and sell remarkable digital works.

Discover: https://t.co/hzvyiko3xx pic.twitter.com/dckacklxvm

- Sotheby’s Metaversse (@SotheBysverse) 1. May 2023

Sotheby’s second market

Sotheby’s introduced the Metaverse platform for its art auctions in 2021, but now expanded it to process resale. It supports NFTS that are shaped on Ethereum and the Layer 2 scaling network polygon.

Automated smart contracts regulate the secondary sales process, which enables buyers and sellers to send and receive payments in ETH or Matic, the native tokens of polygon. It was stated that a fee of 2.5 % is charged for sellers.

The Sotheby’s marketplace will be a little more exclusive than the industry leader OpenSea, since only its experts will select the works of art. The artists presented are changed every few months, added them and added that the initial selection would include renowned digital artists such as Tyler Hobbs, Claire Silver, Hackatao, Sam Spratt and Refik Anadol.

The platform is operated by the NFT commerce suite Mojito, which was developed by the Web3 venture studio serotonin. Sotheby’s followed the $ 20 million investment round for Mojito in November 2021.

Michael Bouhanna, Vice President and Head of Nfts and Digital Art of Sotheby’s, said that the move was an important step forward for the auction house in its development in the web3 area.

In January the auction house said that it would accept crypto in an auction for a rare black diamond.

nft markets remain flat

The NFT markets have decreased this year, whereby the trading volume and prices collapse. As reported by cryptopotato , only six of the 20 largest NFT collections after market capitalization last month recorded an increased trading volume.

In addition, the non -fungable market tracker reports that the number of daily sales from around 40,000 in October fell to around 5,000 in mid -April. However, the platform has stopped recording NFT metrics since the middle of the last month.

In addition, Cryptoslam reported that there have been more sellers than buyers in the past few weeks.

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