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Luxury auction house Sotheby\u2019s is revolutionizing the digital art world by launching its on-chain secondary marketplace<\/a> on its Sotheby\u2019s Metaverse platform. The platform will allow collectors to buy and sell secondary NFTs. While many NFT marketplaces exist, Sotheby\u2019s distinguishes itself by offering a curated selection of works by leading artists carefully chosen by its team of specialists.<\/p>\n The secondary sales on Sotheby\u2019s Metaverse are powered by automated smart contracts, which enable collectors to purchase art and collectibles using Ethereum (ETH) or MATIC, the token native to Polygon<\/a>. Transactions are fully on-chain and executed on the Ethereum and Polygon blockchains, ensuring artist resale royalties are honored directly through the marketplace\u2019s smart contracts. The platform charges a 2.5% seller fee.<\/p>\n Sotheby\u2019s Metaverse commits to upholding artist royalties on its resale platform by utilizing smart contracts that automatically compensate artists based on their chosen on-chain royalty percentage.<\/p>\n \u201cSotheby\u2019s commitment to honoring artist royalties comes amidst a larger debate about royalties within the NFT community, and signals Sotheby\u2019s artist-first ethos as one of the only major NFT marketplaces committed to artist resale royalties,\u201d Sotheby\u2019s said in a press release.<\/p>\n Sotheby\u2019s Metaverse is the premier virtual destination for unique and exceptional NFTs. The platform offers a curated selection of digital art with artist profiles and collection features penned by Sotheby\u2019s specialist teams.<\/p>\n The company\u2019s international team comprises highly specialized experts and senior representatives strategically positioned in major cities such as New York, London, Paris, and Hong Kong. Their expertise, passion, and global reach attract sellers and buyers worldwide, often resulting in record-breaking sales.<\/p>\n Sotheby\u2019s secondary marketplace features a dynamic assortment of artists\u2019 creations, handpicked by its digital art experts on a rotating basis. The platform\u2019s initial launch includes works by renowned artists such as XCOPY<\/a>, Claire Silver<\/a>, Tyler Hobbs, and more.<\/p>\n To get started, users must create a Sotheby\u2019s Metaverse account and complete the necessary legal and compliance checks. Once their digital wallet is connected, users can purchase NFTs using approved cryptocurrencies (ETH, MATIC, WETH, WMATIC), depending on the network of the NFT.<\/p>\n To sell NFTs on Sotheby\u2019s Secondary Marketplace, users must have their artwork approved by Sotheby\u2019s specialist teams. Only approved artists and collections are eligible for listing and selling on the platform.<\/p>\nSmart Contracts and Cryptocurrency Transactions<\/h2>\n
Exploring Sotheby\u2019s Metaverse<\/h2>\n
Navigating Sotheby\u2019s Secondary Market<\/h2>\n
Record Breaking Sales on Sotheby\u2019s NFT Marketplace<\/h2>\n