Sotheby's launches on-chain secondary NFT marketplace Sotheby's Metaverse

Sotheby's has announced the launch of Sotheby's Metaverse, an on-chain secondary NFT marketplace. through its Web3 division, Sotheby's Metaverse will now offer direct transactions between collectors on its platform, with an integrated sales system that will be fully on-chain via the Ether and Polygon networks, CoinDesk reported on May 2. Users can pay using ETH or MATIC.

The Sotheby's Metaverse team says it will continue to honor artists' royalties through smart contracts on its resale platform. The platform will automatically pay artists based on the on-chain royalty rate they choose. The artists featured on Sotheby's secondary market will rotate every few months, and the platform will feature the work of 13 pioneering digital artists, including Tyler Hobbs, Claire Silver, X_COPY, Diana Sinclair, Pindar van Arman and others.