Elaine Jean Culture 10.20.2021 08:Oct AM EDT

Sotheby's Metaverse: Auction House Opens First NFT-Only Marketplace

Sotheby's has just recently launched Metaverse, an NFT-exclusive marketplace, last Friday, October 15. It's the first of its sort among blue-chip auction houses, and it'll be used for all NFT sales at Sotheby's in the future.

With the platform's opening, Sothesby's has began its first sale yesterday, October 19.

Metaverse

As reported by Yahoo, the platform provides an NFT marketplace with the new technological breakthroughs that the traditional Sotheby's website was unable to adopt previously.

The Metaverse website is designed to exhibit NFTs in a fashion comparable to NFT-specific platforms, such as OpenSea and Nifty Gateway, so that viewers can readily observe the transaction history of every component.

However, unlike other platforms, Sotheby's Metaverse includes a description of each piece's significance as well as the artist's history.

Those who join up for Metaverse will also receive a profile image drawn by Pak, a well-known NFT artist.

According to HypeArt, Sotheby's has become the first auction house to launch the Metaverse, a specialized NFT marketplace, and it's not exactly surprising. This year, the British-founded, American-based company has collaborated with a number of digital artists, demonstrating the unmistakable development of NFTs in many areas of the creative world.

Steve Aoki and Paris Hilton, as well as Pranksy and straybits, are among the celebrities and digital artists who have backed the new NFT marketplace.

Sotheby's Metaverse hopes to provide a meeting place for digital artists, NFT fans, and collectors.

Sebastian Fahey, Sotheby's managing director, said that the auction house hopes to lend its "expertise and curation to the expanding world of art for the digitally native youth," having only entered the game early this year.

Sotheby's Next Installment

NFT activities will be expanded to include modern art, luxury and fashion, sports, music, entertainment, science, and technology.

The second edition of Sotheby's "Natively Digital" sale, titled "Natively Digital 1.2: The Collectors," will start off the Metaverse.

The auction will also include artworks by Bored Ape Yacht Club and Kevin Abosch, who are among the most well-known names in the NFT industry, as well as an intriguing cover design by Time magazine's creative director, D.W. Pine.

The second "Natively Digital" auction will be held from October 18 to 26.

"Natively Digital 1.2: The Collectors" is the second version of The Metaverse's Natively Digital sale, which has already opened for NFT fans. It will include 53 pieces from 19 prominent NFT collectors.

Sotheby's Contributors

According to Fahey via Artnet, earlier this year when Sotheby's first entered the realm of NFTs, it was evident right away that the world had only scratched the surface of this new medium's and NFTs' possibilities.

At Sotheby's, experts are now in a unique position to apply their knowledge and curatorial skills to the expanding world of art for the digitally native age.

In addition to DJ, producer, and Benihana heir Steve Aoki and DJ, reality TV personality, and Hilton Hotels heiress Paris Hilton, the NFT collectors working with the auction company include VerticalCrypto Art, Pablo Rodriguez-Fraile, Pranksy, 888, j1mmy.eth, Seed, and WhaleShark.

Dmitri Cherniak, Hackatao, Hideki Tsukamoto, 0xDEAFBEEF, Erick SnowFro, XCopy, Bored Ape Yacht Club of Yuga Labs, Larva Labs, Kevin Abosch, WhIsBe, Brendan Dawes, and Serwah Attfuah are among the NFT artists who have contributed work.