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.
“Sotheby’s commitment to honoring artist royalties comes amidst a larger debate about royalties within the NFT community, and signals Sotheby’s artist-first ethos as one of the only major NFT marketplaces committed to artist resale royalties,” the platform said in a press release.
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.