Sotheby’s auction house launches NFT trading platform

Sotheby’s, one of the world’s largest auction houses, has announced the launch of its own non-fungible token (NFT) marketplace called Sotheby’s Metaverse.

The auction house, founded on March 11, 1744 in London, has now decided to enter the world of digital art. The Sotheby’s Metaverse is reportedly “an exciting destination for digital art collectors, offering a carefully curated selection of NFTs.”

Why does Sotheby’s Metaverse need NFT?

Sotheby’s Metaverse will host NFT auctions and will accept fiat, Ethereum, Bitcoin and USDC as payment. The auction house will feature Ethereum-based NFTs and Ethereum VM-compatible blockchains, theoretically opening the door for Polygon and the Binance Smart Chain.

Sotheby’s Metaverse launched on October 14th. The first NFT collection to go on sale on the new platform is called “Natively Digital 1.2: The Collectors” (“ND1.2” for short). ND1.2 “sheds light on the people who championed digital artists and contributed to the digital art space” and consists of “53 lots of culturally significant art from 19 collections”.

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