For many, NFTs are a distant memory that has largely faded out of relevance. But for Sotheby's, NFTs are a rapidly growing opportunity that they're doubling down on.
What’s happening:
- Iconic auction house Sotheby’s has announced they experienced record breaking sales in digital art and NFTs over the past year
Why it matters:
- NFTs have begun to have a resurgence recently, with trading volumes spiking up across multiple exchanges and marketplaces
Going deeper:
- Sotheby’s has even launched their very own on-chain marketplace for digital art, known as Sotheby’s Metaverse
By the numbers:
- This past year Sotheby’s sold a total of $35M USD in digital art and NFTs
- More than 25 individual auctions were hosted by Sotheby’s that were exclusively focused on digital assets
- The highest individual sale of one single NFT was $6.2M USD for an NFT created by digital artist Dmitri Cherniak
