Sotheby's Launches Secondary NFT Marketplace on Ethereum Blockchain.
Sotheby's Metaverse, the Web3 arm of the art auction house, has launched a peer-to-peer secondary marketplace for non-fungible tokens (NFTs) on the Ethereum and Polygon networks. The platform will honor artist royalties through smart contracts and will feature works from 13 leading digital artists, with rotating artists every few months. Sotheby's has made over $120 million in total NFT sales since entering the market in April 2021 and plans to launch a digital art gallery through metaverse platform Oncyber in June.