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Sotheby\u2019s has added a secondary marketplace to its Web3-focused venture Sotheby\u2019s Metaverse<\/a>.<\/p>\n The auction house has aggressively courted the NFT space since early 2021, positioning itself as the go-to place to sell and collect blue-chip digital work. Sotheby\u2019s has hosted landmark NFT sales of solo artists, such as Pak<\/a>; curated group shows, most recently a survey of contemporary glitch art<\/a>; and flogged collections, including the upcoming sale of NFTs from the bankrupt hedge fund Three Arrows Capital<\/a>.<\/p>\n And it\u2019s working. To date, Sotheby\u2019s has generated north of $100 million in NFT sales.<\/p>\n The latest move from is a play to compete with other secondary marketplaces and gain further Web3 credit with collectors and artists alike. The sales system is fully on-chain, allowing users to buy instantly in Ethereum or Polygon Matic with infrastructure powered by Mojito, a Web3 platform Sotheby\u2019s backed in 2021.<\/p>\n The platform is artist-centric. Every few months, Sotheby\u2019s will rotate in a crop of artists, whose background, technique, and significance will be lavishly explained in typical auction house fashion. Users will have access to the full portfolio of works made by an artist across other NFT marketplaces. It\u2019s an aggregator of sorts, allowing holders of work by the selected artists to add their NFTs to the platform without consulting Sotheby\u2019s. It\u2019s peer-to-peer, but with Sotheby\u2019s setting the topics of conversation. The auction house will charge a 2.5 percent seller fee.<\/p>\n Sarah Zucker, Madame de Gateau<\/em> (2021). Photo courtesy Sotheby\u2019s.<\/p>\n<\/div>\n The Sotheby\u2019s marketplace is also notable for its stance on royalties. As the number of NFT marketplaces proliferated and the crypto bear market lumbered on, a race to the bottom ensued with the likes of Magic Eden and LooksRare moving to royalty-optional models. Some removed them entirely. Guaranteed artist royalties was the great (false) promise of NFTs and Sotheby\u2019s pledge to automatically pay artists according to their on-chain royalty rate will make it an attractive platform for artists.<\/p>\n Sotheby\u2019s has launched its secondary marketplace with 13 of the highest profile creators in the digital art space. This includes A.I. art stars Claire Silver, Sofia Crespo, and Refik Anadol, generative artists Tyler Hobbs and Pindar van Arman, and leading digital creators Hackatao, IX Shells, and XCOPY.<\/p>\n \u201cA fully on-chain peer-to-peer market is an important step forward in our evolution within the digital art and collectible space,\u201d Michael Bouhanna, Sotheby\u2019s Head of NFTs said in a statement. \u201cTo commemorate this event by opening our secondary market to a carefully selected group of artists, many of whom have been at the forefront of the movement and brought digital art to worldwide attention, further emphasizes Sotheby\u2019s commitment to the NFT community.\u201d<\/p>\n The next step will come in June with Sotheby\u2019s Metaverse creating a digital gallery of works on the secondary market alongside digital art collector Cozomo De\u2019 Medici.<\/p>\n \u00a0<\/p>\n More Trending Stories:<\/span><\/b>\u00a0<\/span><\/p>\n A Museum Has Renamed a Vegetable Still Life by Van Gogh After a Chef Spotted Something Was Off About the Onions<\/span><\/a>\u00a0<\/span><\/p>\n An X-Ray Scan of a 16th-Century Bronzino Painting of Duke Cosimo de\u2019 Medici Has Revealed a Mysterious Underlying Portrait<\/span><\/a>\u00a0<\/span><\/p>\n \u2018He Was Hungry\u2019: A Korean Art Student Untaped Maurizio Cattelan\u2019s Infamous $150,000 Banana From a Museum Wall and Ate It<\/span><\/a>\u00a0<\/span><\/p>\n Art Industry News: A Rare Blue Diamond Priyanka Chopra Jonas Showed Off at the Met Gala Could Fetch $25 Million at Auction + Other Stories<\/span><\/a>\u00a0<\/span><\/p>\n A Low-Key Collector Kept 230 Classic Cars Hidden Away in a Dusty Old Church. The Astonishing Trove Could Fetch Millions at Auction<\/span><\/a>\u00a0<\/span><\/p>\n Christie\u2019s Neglected to Reveal the Ugly History Behind Its Sensational Planned Jewelry Auction. Then a Billionaire\u2019s Wife Complained<\/span><\/a>\u00a0<\/span><\/p>\n See the Rare Keith Haring Drawing\u2014Measuring a Massive 125 Feet\u2014That Is Going on View in Amsterdam for the First Time in 30 Years<\/span><\/a>\u00a0<\/span><\/p>\n How Lavinia Fontana Broke Renaissance Tradition to Become the First Woman Artist Known to Depict Female Nudes\u2014and Earn Equal Pay as Men<\/span><\/a>\u00a0<\/span><\/p>\n The Florida Principal Fired for Allowing a Lesson on Michelangelo\u2019s \u2018David\u2019 Went to Italy to See the Sculpture Herself\u2014She Was Impressed<\/span><\/a>\u00a0<\/span><\/p>\n