Storied auction house Sotheby’s took its years-long embrace of Web3 a step further on Monday, launching a portal on its Sotheby’s Metaverse platform where secondary NFT artwork sales are conducted peer-to-peer and fully on-chain.

The addition to the Sotheby’s Metaverse platform, which initially went live in October 2021, features support for NFT artwork minted on Ethereum and scaling network Polygon, which Sotheby’s described as the “networks of choice for NFT creators and collectors” in a statement.

The secondary sales on Sotheby’s Metaverse are facilitated entirely through automated smart contracts, the auction house said, and allow collectors to pay for art and collectibles in Ethereum (ETH) or MATIC, the token native to Polygon, using their own self-hosted digital wallets.

While OpenSea and Blur are notable examples of broad-scale, peer-to-peer NFT marketplace

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Author: André Beganski

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