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Sotheby’s launches the NFT market

Sotheby’s auction house took NFTs further this week, launching a bespoke NFT market that it will host with collectors and artists.

Sotheby’s Metaverse will serve as the primary portal for NFT sales through the auction house, which has hosted several NFT auctions in recent months and has built its own virtual auction house in the Decentraland metaverse sandbox.

Sebastian Fahey, Managing Director and 17-year veteran at Sotheby’s, will lead the new company.

“When Sotheby’s first entered the world of NFTs earlier this year, it was immediately clear that we had so far only scratched the surface of the potential of this new medium and NFTs,” said Fahey said. “For me, this latest market innovation is one of the most fundamental and exciting to date, and we are in a unique position at Sotheby’s to apply our expertise and curation to the booming art world for the next generation. native digital.

Metaverse kicks off with part two of their hit series Natively Digital. The sale, conducted on Metaverse, will feature 53 pieces from 19 influential NFT collectors. Collectors include acclaimed DJ Steve Aoki and reality TV star and entrepreneur Paris Hilton.

The first Natively Digital auction brought in over $ 17 million. In June, Sotheby’s Cassandra Hatton told Crypto Investor that she believed something big was happening with NFTs, which could reshape entire industries.

“When I sit down and explain it [to people], and they really have the opportunity to understand and see that it’s actually not complicated. It’s actually quite simple, quite clean. Then you see the gears spinning, ”she said. “And they’ll say, ‘Oh, my God, that actually has really major implications for the art market, the music market.’ There are so many things that will change.

Disclosure: Stephen Stirling is a senior reporter for Street Crypto. He is an NFT Artist who uses the OpenSea platform and holds the NFTS of NBA TopShot, Zed.Run, Robotos, and Superlative Secret Society currently valued over $ 500.

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