Leading auction house seeks share of the NFT action
by: Dynasty GI2021-10-19
Sotheby’s, one of the world’s most famous art auction houses, has launched its own non-fungible token (NFT) platform, called Sotheby’s Metaverse, which will include curated NFTs from its team.
The platform is designed to allow individuals to buy NFTs using cryptos such as Ethereum and Bitcoin, as well as fiat currencies.
Sotheby’s and its main rival auction house, Christie’s, have grown their presence in the NFT art world this year, holding auctions for CryptoPunks and Bored Ape Yacht Club. Earlier this year, Sotheby’s hit the headlines when it sold an NFT by Pak for US$ 17 million. “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”, stated Sebastian Fahey, Sotheby’s EMEA managing director, adding that he believes they are just scratching the surface of this new sector.
"“Fahey is right to say this is just the beginning – NFTs may be taking the art world by storm at the moment, but also imagine how transformative cryptocurrencies can be for global players like these international auction houses, as they do away with the costly and complicated money transfer system we currently face when trying to pay for something elsewhere in the world”, commented Eduardo Carvalho, the CEO and founder of Dynasty Global Investments AG."