After introducing NFT sales and the ability to pay in crypto-currency, auction house Sotheby’s is going metaverse.
The auction house Sotheby’s was founded in 1744. Yet it is not struggling to modernize. Charles Stewart, chairman and CEO of Sotheby’s, sees an “absolutely huge” audience and interest in digital. “The reason Sotheby’s has been around for 277 years is because we have a history that embraces innovation. So it’s no different for NFT (…) We’re seeing a new, younger generation (…) that is interested in this new art form. That’s why we are dedicating time and resources“.
Indeed, NFTs have made a very strong entry into the art market last year, with multi-million dollar sales, such as the sale of the NFT Cryptopunk #7523 sold for $11.8 million. And while NFT’s share of sales remains modest in relation to the group’s overall revenue, their future has yet to be written. That’s why Sotheby’s has launched its dedicated platform, called Sotheby’s Metaverse.
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Beyond a new source of income or the conquest of new buyer profiles, the interest of immersing oneself in the digital universe also lies in the mutual enrichment between the old and the new art world, believes Charles Stewart. “The traditional art world hears a lot about NFTs. Many don’t understand it. Some have embraced it. But there is a curiosity (…) The same is true in the other direction. (…) NFTs have been a gateway to the broader art market (…) Whether the prices go up or down, if the interest is there, if the engagement is there, if new creators are connecting with the public through NFTs and cryptocurrencies, it’s an important trend that we’re going to invest in,” he adds.
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Featured photo : © Sotheby’s
