Sotheby’s Metaverse opens NFT on-chain marketplace

The Web3 branch of the auction house New York presented ” Sotheby’s Metaverse Marketplace a secondary market place for the NFTArt with a on-chain sales system based on Ethereum and Polygon.

Sotheby’s is accelerating in the non-fungible token segment with the opening of a new platform allowing Web3 artists selected to put on sale digital works in an on-chain way.

Fully on-chain peer-to-peer transactions will be executed on the Ethereum and Polygon blockchains. Artists’ resale royalties will be honored directly on-chain via smart contracts. 2.5% seller fee.” indicates Sotheby’s.

The collectors will be able to acquire NFT by paying in ETH or MATICaccording to the announcement.

Sotheby’s Metaverse Marketplace makes its debut with a dozen digital artists, some of them very popular like Tyler Hobbs, XCOPY or again Claire Silver.

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“The opportunity to expand Sotheby’s Metaverse with an on-chain P2P marketplace is an important step in our evolution within the digital art commented Michael Bouhanna, vice president of the company.

Sotheby’s has been interested in Web3 technologies for about 2 years. In 2021, the British-born American multinational started to organize auctions for NFTin the metaverse And with the ability to pay in cryptocurrencies.

This month, Sotheby’s will concurrently auction a lot of NFTs owned by Three Arrows Capital, a large crypto hedge fund that was filing for bankruptcy in 2022.

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