Sotheby’s Takes Its NFT Experiment Into the Metaverse

Sotheby’s, the 277-year-old British auction house, is staking its claim in the metaverse with 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 non-fungible tokens (NFTs).

“Sotheby’s Metaverse” will hold its first sale from Oct. 18–26 with a collection called “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 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.

Read more: Sotheby’s Opens Virtual Replica of Its London Galleries in Decentraland

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.