coinspress.com
Sotheby's, a renowned auction house, has expanded its Sotheby's Metaverse platform to include a portal for secondary NFT artwork sales.
This platform supports NFT artwork created on Ethereum and Polygon, which are popular networks for NFT creators and collectors.
Sotheby’s Metaverse enables fully on-chain, peer-to-peer sales through smart contracts and allows buyers to use their own digital wallets to pay in Ethereum or MATIC tokens.
Unlike other broad-scale NFT marketplaces like OpenSea and Blur, Sotheby’s offers a curated selection of leading artists, with a rotating list updated every few months.
The next evolution of #SothebysMetaverse is here! The most trusted and dynamic destination to collect, buy and sell remarkable digital works.
Explore: https://t.co/hZvYIkO3xx pic.twitter.com/dCkaCKlXVm
— Sotheby's Metaverse (@Sothebysverse) May 1, 2023
The platform’s secondary sales venue also honors secondary on-chain royalty fees specified by artists. Sotheby’s became an early investor in Mojito, the NFT tech and commerce suite that powers Sotheby’s Metaverse.
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According to Sotheby’s Vice President and Head of NFTs and Digital Art Michael Bouhanna, this move is an “important step forward” for the auction house as it continues to adapt to the Web3 space.