{"id":208270,"date":"2021-12-16T22:30:27","date_gmt":"2021-12-16T22:30:27","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=208270"},"modified":"2021-12-16T16:41:27","modified_gmt":"2021-12-16T16:41:27","slug":"sotheby-rakes-100-million-profit-from-nft-auctions","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/sotheby-rakes-100-million-profit-from-nft-auctions\/","title":{"rendered":"Sotheby rakes $100 million profit from NFT auctions"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">While blockchain technology has been with us for the best part of the last decade, 2021 is unarguably the year that saw a widespread adoption of some of the use-cases of the technology like its use in crypto, non-fungible tokens (NFT) and even in decentralized finance (DeFi).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">One of the earliest traditional auction houses, Sotheby, who jumped into the auctioning of NFTs, in a recently released report, has revealed that it made around $100 million in gain from the space.<\/span><\/p>\n<h2><b>First-time bidders flock Sotheby Metaverse\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Sotheby, in its report, revealed that its foray into the NFT-sphere with its launch of a Metaverse helped to draw the attention of the wider crypto community to its auctions. According to the firm, 78% of bidders at its NFT auctions were new to the platform and they were, more interestingly, below the age of 40.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It continued that its virtual gallery were mostly being scoured for <a href=\"https:\/\/cryptoslate.com\/8-of-the-top-10-nfts-sales-last-month-have-been-bored-apes-and-cryptopunks\/\">Bored Ape Yacht Club and CryptoPunk<\/a> collectibles \u2014two of the most popular projects in the space.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The New York City-based auction house declared that it made $6 billion from its auctions in this year alone while it has a total of $7.3 billion in consolidated sales.<\/span><\/p>\n<h2><b>Notable Sotheby NFT auctions<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The first NFT sale of the auction house took place in April and lasted for 3days. This debut sale attracted 3,000 buyers and generated $16.8 million from the NFTs made by Pak, a popular digital artist.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">After this, Sotheby has gone on to sell NFTs of the original World Wide Web (WWW) source code for $5.3 million. An $11.8 million sale of a rare CryptoPunk followed, while a Bored Ape Yacht Club NFT was sold for $24.4 million.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It should be added that the auction house also accepted crypto assets like <a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">Bitcoin<\/a> and <a href=\"https:\/\/cryptoslate.com\/coins\/ethereum\/\">Ethereum<\/a> for some of its other auctions of physical objects like a <a href=\"https:\/\/cryptoslate.com\/diamond-auctioned-for-12-million-worth-of-crypto-at-sothebys\/\">rare diamond<\/a> and for artworks by <a href=\"https:\/\/cryptoslate.com\/ethereum-becomes-a-first-class-currency-on-sothebys-for-banksy-auction\/\">Banksy<\/a>.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Also, its widely publicized auction of the 1st United States of America constitution generated a lot of buzz in the crypto space has it led to the creation of the <a href=\"https:\/\/cryptoslate.com\/constitutiondao-the-failed-project-that-shook-the-crypto-world\/\">ConstitutionDAO<\/a> community, a decentralized autonomous organization that set out to put the constitution \u201cin the hands of the people.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>While blockchain technology has been with us for the best part of the last decade, 2021 is unarguably the year that saw a widespread adoption of some of the use-cases of the technology like its use in crypto, non-fungible tokens (NFT) and even in decentralized finance (DeFi). One of the earliest traditional auction houses, Sotheby, [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":208283,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[76232],"tags":[77111,77192,77075,72190,76867],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sotheby rakes $100 million profit from NFT auctions<\/title>\n<meta name=\"description\" content=\"According to a report released by Sotheby, most of its NFT auctions were dominated by people under 40 and it made $100 million gain from them\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/sotheby-rakes-100-million-profit-from-nft-auctions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sotheby rakes $100 million profit from NFT auctions\" \/>\n<meta property=\"og:description\" content=\"According to a report released by Sotheby, most of its NFT auctions were dominated by people under 40 and it made $100 million gain from them\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/sotheby-rakes-100-million-profit-from-nft-auctions\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2021-12-16T22:30:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-12-16T16:41:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/12\/sothebys-nft-auction.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1100\" \/>\n\t<meta property=\"og:image:height\" content=\"619\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/sotheby-rakes-100-million-profit-from-nft-auctions\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/sotheby-rakes-100-million-profit-from-nft-auctions\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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