Sotheby’s Metaverse: P2P NFT Marketplace Honors Artist Royalties on Ethereum & Polygon

Futuristic art auction scene, NFT marketplace, diverse digital artists' works on display, rotational feature, ethereal glow of Ethereum/Polygon symbols, warm lights reflecting artistic innovation, the mood capturing excitement and prestige, emphasizing auction house commitment to artist royalties, vibe of digital metamorphosis, NFT community celebration.

Renowned art auction house Sotheby’s has delved further into non-fungible tokens (NFTs) with its new peer-to-peer secondary marketplace, allowing collectors to transact directly on its platform. This marks a significant move from Sotheby’s as it embraces the Web3 world. While ensuring seamless transactions though Ethereum and Polygon and accepting payments in both ETH and MATIC, skeptics may question if this shift is genuinely driven by an artist-first approach or merely a ploy to capitalize on the booming NFT market.

Regardless, Sotheby’s Metaverse claims to uphold artist royalties through smart contracts on its resale platform, a move that has stirred debates within the NFT community. The platform’s commitment to honoring artists signals a setback to critics and highlights the auction house’s genuine interest in the rapidly growing NFT market. However, it remains unclear whether this unique approach will be embraced by other major NFT platforms in the near future.

To kickstart the platform, the inaugural collection features 13 pioneering digital artists, including Tyler Hobbs, Claire Silver, XCOPY, and others whose works will rotate every few months. Veterans in the art space might argue that selecting a small group of artists is an attempt to enforce exclusivity on the platform, while enthusiasts deem this move as a testament to Sotheby’s commitment to providing a discerning space for collectors and NFT connoisseurs.

As Sotheby’s Metaverse expands its digital art offerings, critics and skeptics might question the sustainability and security of this new venture. Blockchain enthusiasts, on the other hand, may contend that the move is pragmatic and reflective of the ever-growing digital market.

In conclusion, Sotheby’s foray into a fully on-chain peer-to-peer NFT marketplace has sparked both anticipation and skepticism. Its commitment to honoring artist royalties through smart contracts is a significant step that highlights their artist-centric approach. However, the debate continues over whether this venture is driven by authenticity, exploration, or profit. The truth likely lies somewhere in between, only to be unraveled as the digital and physical worlds continue to collide in the ever-evolving landscape of art and technology.

Source: Coindesk

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