A big part of emerging and early career artists are completely into NTFs and all forms of other digital arts which eventually can be perceived by an advanced virtual space. How about if their art could be also purchased through exclusively virtual and innovative platforms? This seems to be the a bright way out and Sotheby’s seem to pave the way for the digital and blockchain-based art assets.
Sotheby’s serious involvement into Metaverse, a Web3 technology world where the virtual universe thrives, could be considered a huge change into the art market. People are gradually getting familiar with NTF’s (non tangible tokens), cryptocurrencies and augmented reality (AR) projects. Searching and buying art seem to become an interactive experience where the objects and artefacts that reside in the real world are enhanced by computer-generated perceptual information.
Sotheby’s launched a new platform called “Sotheby’s Metaverse” that allows visitors to view digital artworks available at auction, as well as learn about the collectors and artists behind NFTs.
In April 2021, the auction house organised a virtual auction collaborating with a young crypto artist; Pak‘s ‘The Fungible‘ NFT auction attracted thousands new buyers to Sotheby’s and yielded over 17$ million in sales. In November 2021 in an auction world first, Sotheby’s allowed set to field bids live from the New York saleroom in Ether (ETH) cryptocurrency for Banksy’s Trolley Hunters and Love Is In The Air (2006). It’s a tremendous fact that was the first time that a cryptocurrency such as Ethereum was used as the standard currency for bidding on physical artworks in real-time during a live auction.
Where can you find Sotheby’s virtual gallery in Decentraland?
Sotheby’s digital replica gallery is located in Decentraland’s Voltaire Art District (52,83). When you try to enter their space, the avatar of Sotheby’s London Commissionaire Hans Lomulder will greet all digital visitors at the entrance of the auction house like he always do in real life in Bond Street in London.
What Is MANA?
Decentraland/MANA is a fully decentralised, 3D virtual world where people can own and develop their virtual land or they can wander around and interact with what other users have created as well as other people that are exploring Decentraland at the same time. The landscape can include anything from static 3D scenery to interactive projects, buildings, art, games or massive events that attract thousands of users.
Decentraland (MANA) is an Ethereum token that powers the Decentraland virtual reality platform. MANA can be used to pay for virtual plots of land in Decentraland as well as in-world goods and services.
All images courtesy of Decentraland.org & Sotheby’s