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Renowned Art Auction brand Sothebys has announced that it now supports a curated peer-to-peer (P2P) marketplace for the sale of secondary non-fungible tokens (NFTs) via the Ethereum and Polygon network.

Sothebys is arguably the oldest and most famed art auction house, with over 279 years of operation.

The reputable house continues to take giant steps into the Web3 space following the official announcement of a secondary NFT marketplace launch on its metaverse platform.

The secondary marketplace features a rotating selection of leading creatives chosen by in-house specialists, enabling NFT collectors to list and make offers from their favorite artists.

All sales on Sothebys metaverse are conducted through a peer-to-peer model and are fully on-chain.

Sothebys has experienced significant growth since it launched its metaverse marketplace in October 2021, which includes tokenized digital collectibles.

The curated marketplace will auction NFTs for fiat currency alongside crypto assets such as USDC Stablecoin, Bitcoin, and Ethereum.

Set to solidify its position as the leading platform for NFTs, Sotheby supports all tokenized artworks minted in Ethereum, Binance Smart Chain, and layer-2 scaling solution, Polygon.

Sothebys metaverse incorporation is geared toward creating a Web3-powered industry that serves as a destination for tokenized arts sales and auctions, positioning it as one of the leading NFT hubs in the industry.

Although there are world-revered NFT platforms such as OpenSea and Blur with stellar peer-to-peer marketplaces, Sothebys asserts to embed unique offerings that set it apart from competitors.

Users can easily access curated selections of tokenized assets of leading artists handpicked by Sothebys.

Collectors will be offered 13 versatile leaders in the art world, including notable mentions like Sam Spratt, Tyler Hobbs, Claire Silver, and the Pseudonymous XCOPY.

There will also be a scheduled change every few months to make the Metaverse digital marketplace platform exciting for creators and collectors.

This development is tipped to trigger a new wave of artists, collectors, and enthusiasts into Sothebys Web3 space.

Mojito, a revolutionary NFT tech and Web3 ecosystem, powers Sothebys Metaverse platform and has seen a surge to greater heights.

The vice president of Sothebys, Michael Bouhanna, described its collaboration with Mojito as an important step forward for the 279 years old auction house as it continues to navigate and explore the Web3 space.

The metaverse hub is dedicated to secondary NFT art sales and is built to honor royalty fees specified by creators through smart contracts on the secondary sales marketplace.

An NFT creator royalty fee is accumulated from secondary sales, typically 5% to 10% of the initial sale price.

Royalties are automatically released to artists wallets to promote greater transparency, seamless user experience, and a commercial venture-driven hub that supports all creatives.

The auction house has previously processed milestone trades of tokenized digital arts via its metaverse marketplace, including a whopping $11.8 million sale of a unique CryptoPunk coined Covid Alien.

This was closely followed by a staggering $24 million auction of up to 101 Bored Ape tokenized digital arts.

In November 2021, Sothebys hosted arguably the biggest, most fabulous, and most popular charity auction in memory, with up to 140 rare NFTs sold to raise funds for renowned charity healthcare, Sostento.

The auction house giveaway was followed by the $2.9 million sale of ex-Twitter CEO Jack Dorseys first tweet as an NFT on the platform.

Proceeds were also geared toward charity in Africa in response to the outbreak of Covid-19.

Sothebys metaverse asserts to expand in the future by integrating a versatile market strategy, redefined peer-to-peer (P2P) secondary sales, and higher royalties to entice artists.

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.

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Sotheby's Metaverse Unveils On-Chain Secondary NFT Marketplace - EconomyWatch.com