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Crypto

Sotheby's Keeps Cashing In On NFTs

December 28, 2023
•
x min read

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:‍

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

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