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Sotheby's Launches On-Chain Secondary NFT Marketplace

Art auction house Sotheby's is expanding its non-fungible token (NFT) art offerings through the release of a specially curated, peer-to-peer secondary marketplace.

Through its Web3 arm, Sotheby’s Metaverse will now offer direct transactions between collectors on its platform. The integrated sales system will be fully on-chain via the Ethereum and Polygon networks, and users can pay in either native token ETH or MATIC.

Sotheby's Metaverse says it will continue to honor artist royalties through smart contracts on its resale platform that automatically pays artists according to their selected on-chain royalty rate.

Artists featured on Sotheby's secondary marketplace will rotate every few months. The platform will launch with works from 13 leading digital artists, including Tyler Hobbs, Claire Silver, XCOPY, Diana Sinclair, Pindar van Arman and others.

(by Toby Leah Bochan)

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