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Sotheby’s Takes Its NFT Experiment Into the Metaverse

The venerable auction house’s new platform will allow visitors to view NFTs and learn about the collectors and artists behind the digital art.

Sotheby’s, the 277-year-old British auction house, is staking its claim in the metaverse with the the launch of a new platform called “Sotheby’s Metaverse” that allows visitors to view digital artworks available at auction, as well as learn about the collectors and artists behind the NFTs.

“Sotheby’s Metaverse” will hold its first sale from Oct. 18 to 26 with a collection entitled “Natively Digital 1.2: The Collectors.” Featuring 53 works from 19 NFT collectors, the collection is the second iteration of Sotheby’s first NFT group sale, Natively Digital.

Sotheby’s new platform is powered by Mojito, a commerce suite for creating NFT marketplaces that offers fiat and crypto payments as well as minting functionality. Mojito is optimized for Ethereum and Ethereum Virtual Machine (EVM)-compatible networks.

The metaverse is a virtual space generated by the convergence of virtual worlds, augmented reality and internet services. By offering a collective virtual experience, it has introduced new opportunities to creators, gamers and artists.

Back in April, Sotheby’s held its first sale of NFTs by pseudonymous artist Pak, which fetched $16.8 million over a three-day drop. In March, an NFT drop by Beeple hosted by Christie’s auction house sold for a record $69.3 million. The appetite for NFTs in the high-end luxury market has remained strong, with Dolce & Gabbana’s recent NFT collection, the Collezione Genesi, taking in approximately $5.65 million.

“We have spent months exploring every aspect of the digital art landscape, aligning with some of the most influential minds of the NFT movement to architect a custom marketplace that prioritizes curation and customization,” said Max Moore, Sotheby’s co-head of the digital art sales and head of contemporary art auctions.

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