The Sotheby Auction House Prepares To Launch The NFT Market
Sotheby’s, the world’s famous art auction house, has gone further in the world of digital art by launching its secondary NFT marketplace.
On May 1, the company announced the addition to the Sotheby’s Metaverse in the form of "dynamic destinations to collect, buy and sell incredible digital works."
Blockchain-based NFT markets will mainly be for digital art secondary sales. According to the announcement, the market will feature a rotating selection of leading artists selected directly by Sotheby’s specialists.
They will provide "expert guidance and context for each work, from thematic presentations to the artist’s spotlight, for easy-to-navigate experiences designed for discovery."
Sotheby’s is expanding its Metaverse platform to handle resales. This supports NFTs forged on Ethereum’s scaling network and Polygon’s layer-2.
Smart contracts will automatically set up secondary sales processes, allowing buyers and sellers to send and receive payments in Polygon’s original ETH or tokens, MATIC. Information only, Smart contracts or smart contracts are computer programs written to perform agreements between two or more parties automatically.
This program is related to blockchain, so that when all the requirements have been met, the contract will be fulfilled automatically and transactions will be carried out. Smart contracts eliminate the need for third parties in the contract process, thereby accelerating and reducing costs in the transaction approval process.
VOI
