Sotheby’s Metaverse Announces Latest & Largest NFT Charity Auction

Proceeds from the NFT auction in the Sotheby’s metaverse will go to Sostento, a non-profit organization that supports leading public health workers.

Sotheby’s, the world’s oldest art and luxury auction house, has announced its partnership with public health advocate and non-profit organization Sostento to auction its latest NFT collection at the Sotheby’s Metaverse. The Gifted: 140 Collection is considered the “largest NFT charity auction in Sotheby’s history,” with all proceeds going to Sostento.

NFT draw

The NFTs were originally gifted to Twitter in a giveaway of 140 NFTs to 140 random followers in June this year. Its recipients became known as “The Besties”. Now, 7 of these Besties have decided to sell a full set of 7 NFTs and support Sostento’s cutting edge healthcare professionals in their efforts to tackle the Covid-19 pandemic and the opiate overdose crisis.

The NFT draw follows the sale by Twitter CEO Jack Dorsey of the first tweet ever to exist on the platform as an NFT in March 2021 for $ 2.9 million. The proceeds from this particular sale have helped in the fight against Covid-19 in Africa.

“It is inspiring to work not only with an organization like Sostento, but also with a group of Besties who understand the importance of their NFTs and use this power for a good cause,” said Cassandra Hutton, Global Head of Science and Popular Culture at Sotheby’s.

Sostento’s partners include the Giving Block, which provides a platform for targeted charities, companies, universities and religious groups of all sizes to use cryptocurrency and accept cryptocurrency funding.

According to Joe Agoada, CEO of Sostento, the proceeds from this sale will be processed by a charitable unit and then “invested directly in our mission to help frontline healthcare workers save lives.”

Sotheby’s is the first auction house to launch a dedicated marketplace for NFT – Sotheby’s Metaverse. Launched last month, a dedicated platform will exclusively host all Sotheby’s NFT sales.

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