Sotheby's Expands NFT Experiment into Metaverse
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Oct. 14, 2021

Sotheby's is expanding its support of non-fungible tokens (NFTs) with the launch of the so-called "Sotheby’s Metaverse."

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The British auction house says the new platform allows users to view digital art available at auction. Sotheby's plans to sale a collection called "Natively Digital 1.2: The Collectors" from Oct. 18 to 26. The collection features 53 works from 19 NFT collectors.

The platform is developed by Mojito, an NFT tech and commerce suite created by marketing studio Serotonin. The launch of the metaverse comes after Sotheby's started accepting cryptocurrency as a payment method via Coinbase Commerce. As Sanchan Saxena, Vice President, Ecosystem at Coinbase said, the trading platform supports payment estimated in the "eight-figure range."

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The metaverse can be seen as an integration of virtual shared space, the collection of all virtual worlds. Although the metaverse contains derivatives of our physical world, it is completely different from augmented reality. It comprises shared 3D virtual spaces connected to a perceived virtual universe.

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