Art Auction House Sotheby's Launches NFT Platform 'Sotheby's Metaverse'
Niko Pajkovic — October 15, 2021 — Tech
References: metaverse.sothebys & theblockcrypto
Art auction house Sotheby's has announced the launch of 'Sotheby's Metaverse,' a new NFT platform that will be curated by Sotheby's team of art experts.
The future-forward art trading platform will allow shoppers to buy exclusive NFTs using Ethereum, Bitcoin, USDC, and fiat currencies. In addition, the company plans to introduce dynamic online auctions and features that allow users to mint generative artworks. The first exclusive offering on the platform comes from Natively Digital, which will launch a collection of 53 NFTs from 19 different collectors, including Paris Hilton, j1mmy.eth, and Pranksy.
"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," said Sotheby's Sebastian Fahey, Sotheby’s Managing Director of Europe, Middle East, and Africa. But, really, the launch of the new NFT platform shouldn't come as a major surprise considering the company's successful forays into the space earlier this year.
The future-forward art trading platform will allow shoppers to buy exclusive NFTs using Ethereum, Bitcoin, USDC, and fiat currencies. In addition, the company plans to introduce dynamic online auctions and features that allow users to mint generative artworks. The first exclusive offering on the platform comes from Natively Digital, which will launch a collection of 53 NFTs from 19 different collectors, including Paris Hilton, j1mmy.eth, and Pranksy.
"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," said Sotheby's Sebastian Fahey, Sotheby’s Managing Director of Europe, Middle East, and Africa. But, really, the launch of the new NFT platform shouldn't come as a major surprise considering the company's successful forays into the space earlier this year.
Trend Themes
1. NFT Art Platforms - Developing digital art auction platforms allow for the growth of new digital art markets and engaging audience participation.
2. Generative Art - Promoting generative artworks encourages innovation and allows for more diverse collections of NFTs.
3. Dynamic Online Auctions - Incorporating innovative online auction features creates a more interactive, engaging auction experience for users.
Industry Implications
1. Art Auction Houses - Art auction houses can increase revenue streams and attract new clientele by expanding their business into NFTs and digital art platforms.
2. Cryptocurrency Exchanges - Partnering with NFT platforms offers cryptocurrency exchanges the opportunity to expand their offerings and tap into the growing digital art market.
3. Artificial Intelligence - Incorporating AI into generative art platforms can streamline the creative process and potentially result in unique and highly coveted NFTs.
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