Sotheby’s steps up its NFT operations

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Sotheby’s sold the original World Wide Web source code for $ 5.4 million.

The Sotheby’s auction house on Thursday launched a platform dedicated to NFT collectors and announced a biannual sale of digital objects, a sign of its commitment to the craze.

A non-fungible token (NFT) is a digital object that can be a drawing, animation, piece of music, photo or video with a certificate of authenticity created by blockchain technology. This authentication by a network of computers is considered inviolable.

They have become extremely popular in the context of the pandemic, boosting the contemporary art market.

According to a report released by Artprice this month, NFT sales now represent 2% of the global art market.

Almost unknown a year ago, they broke auction records.

In March, Christie’s sold a fully digital artwork by American artist Beeple for $ 69.3 million in March.

In July, Sotheby’s sold the World Wide Web source code for $ 5.4 million.

On Sotheby’s “Metaverse”, buyers can create a personal profile, with an avatar designed by crypto designer Pak.

They will be able to make payments in fiat currencies or cryptocurrencies, including Etherum, bitcoin and USDC, Sotheby’s said in a press release.

The first sale, entitled “Natively Digital 1.2: The Collectors”, will take place from October 18 to 26, with 53 lots.

Among the works available are creations by Pak, Rare Pepe and Larva Labs.

Sotheby’s said the sale will become a semi-annual event.


Sotheby’s and Phillips auction houses latest to join NFT craze


© 2021 AFP

Quote: Sotheby’s accelerates its NFT operations (2021, October 15) retrieved on October 15, 2021 at https://techxplore.com/news/2021-10-sotheby-ramps-nft.html

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