Sotheby"s takes more steps into virtual reality auctions – Proactive Investors USA

Sothebys,the British auction house, will be holding itsfirstdigitalartmetaverse auctionbetween 18-26October.

A metaverse refers to avirtual-reality space in which users can interact with a computer-generated environment and other users.

The auction, namedNatively Digital 1.2: The Collectors, will consist of 53 lots of culturally significant art from 19 different collectors.

Theweeklong experiencewill allow visitors to view digital artworks that are available at auction, as wellaslearn about some of the artists behind the non-fungible tokens (NFTs).

NFTs are used to represent ownership of real-world items, like art, but cannot be traded as a currency.

Sothebysinvolvementunderscores the explosion of interest in digital artin what is relatively unchartedterritoryfor the auction house.

The groupheld its first sale of NFTs in April by an artist called Pak, which fetched US$16.8mln over a three-day drop(a sale).

Demand for luxury NFTshasskyrocketed this year.

Christie's, a competitor to Sothebys, hosted a 'drop' by Beeplein April, an American digital artist. His artwork sold for a record US$63.9mln at the auction.

Max Moore, Sothebys co-head of the digital art sales and head of contemporary art auctions, said, We have spent months exploring every aspect of the digital art landscape, aligning with some of the most influential minds of the NFT movement to architect a custom marketplace that prioritizes curation and customization.

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Sotheby"s takes more steps into virtual reality auctions - Proactive Investors USA