Sotheby’s Launches own ART NFT marketplace

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Ralph Chua is a publisher. He is passionate about NFTs and blockchain technology. This website is curated with content from his favorite source of information. He created this website with the intention to stay up to date with the ever-evolving and groundbreaking NFT industry.

That I think is quite bullish Sotheby's Who we know is the auction house being Very big in driving forward nfts in the Art space or art nfts then together with Christie's are really the two auction Houses that have embraced nfts and we've Now got Sotheby's announcing the launch Of their own nft Marketplace obviously Only going to be an art Marketplace so They're not really trying to complete With uh compete with blur or open seat It's not that type of thing but they've Made a statement and um on the 1st of May and the the site is going to launch 30 notable digital artists Um including x copy tala hubs Um clay silver and various others that Are well known in the space and there's Going to be a collection out on each of Them Um they did drop this nice video saying The next evolution of Sotheby's Metaverse and they really have chosen Some Premier artists in the spa advice And because they've been so notable in The nft space Sotheby's they really do Know who the big artists are and they've Got a lot of them here and then you'll Be able to buy and sell the artwork on Their own Marketplace and I do think as We continue to see this Marketplace raw Um between open sea and blur where the Thing that they are fighting over is Whether or not to charge to enforce

Creator royalties it does make sense and I did say this almost three months ago That there are going to be a lot of People's own marketplaces popping up Because there's no way for artists to Enforce royalties on on the platforms Anymore it only makes sense that they're Going to build their own platforms Because they survive off the royalties The Sotheby's is doing that there is Going to be a two and a half percent uh Royalty on all sales that are happening There I imagine what their thought is is That look an x copy would much rather Launch on us where we can promise him He's two and a half percent than he Would on open C and they're probably Right and if they can get these artists To slowly launch on their Marketplace I Think that this has a very good chance Of being sustainable long term because We do know especially with artists that They've been very upset that openc sort Of stabbed them in the back and went Back on what they said obviously Initially said they stand by the Creators and then when blur came out They said we forced to to drop the Royalties now so now we're seeing Sotheby's coming out saying hold on if You're an artist you want royalties Enforced come to our us we will ensure That it's done so very interesting yeah And artists are like notorious I guess

In a good and bad way for like they move Where the money's going bro like they're Trying to make money like the the the Joke about broke artists kind of thing Or they're like I forget what the joke Is specifically but like all artists are Broke kind of thing that's like based on A ton of [ __ ] truth like it is very Very very difficult to make money as an Artist especially if you're trying to be Like a full-time painter or whatever Like you're basically a freelance drawer And I'm like that's difficult to Maintain over a long period of time Because You know Art's something you gotta like Pull out you know sometimes and uh if You're not feeling Um you're not feeling particularly Creative then like your all your stuff Is based on how creative you feel it's Not one of those things you can just Poop out sometimes like Um so it's very difficult so anyways What I was saying my point there was That like artists will move over to Another platform because they're not Making any money most of the time so if There's going to a place where they can Actually get their royalty now they'll Likely move over bro but like in the Trading world it's a lot harder because You're probably still making money on Whichever platform so they're just gonna

Stick with what they know but artists do They they will move over because there's An opportunity and they know it Yeah I think they will especially when It's a notable brand such as Sotheby's Um you know because the the worry is I'm Going to move out of the marketplace but Are there bars or are they send us there Um and if there's no one there what's The point you know of getting royalties I'd rather give my art into people's Hands you know through through the mass Marketing of open sea or blue but uh Yeah gonna be interesting I I like it And it's good it's good to see where the Space is going you know especially from My whole perspective art and nfts is Another perfect marriage it really is Um even like music and nfts and content And nfts Um you know I really do believe that There's certain things that blockchain Technology is perfect for Um and art is one of them I really do Because you you always now when you want To buy a really nice art piece from a Very notable like a Picasso or whatever Even if the biggest Um guys in the space who know what They're doing have said it's it's legit You actually don't know 100 of the Solutions you still don't I I video guys Out there who pay 10 million dollars for What they think is a uh uh whatever a A

Rafale or whatever and and it's not Right whereas with nfts in theory if you Know what you're doing and if it's done Correctly and the smart contract is Correct which can be audited Um you can prove that from when it was Done until every every transaction from There until the end of time so it just Makes sense and you know it's

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