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Sotheby’s raised about $100 million from NFT sales in 2021, proving that entering the NFT game pays you big time. This year, the almost 300-year-old art institution raised $7.3 billion in art sales, with the total bolstered by the spectacular ascent of NFTs.
Sotheby’s revealed in its report that establishing a Metaverse and entering the NFT-sphere helped to draw attention to their auctions from the greater crypto community. According to the business, 78% of bidders at its NFT auctions were new to the site and, more interestingly, under the age of 40.
While blockchain technology has been present for over a decade, 2021 will definitely be remembered as the year when some of the technology’s uses, such as cryptocurrency, non-fungible tokens (NFT), and even decentralised banking, gained widespread popularity (DeFi).
In a recently disclosed report, one of the early traditional auction houses, Sotheby’s, which rushed into the auctioning of NFTs, claimed that it generated roughly $100 million in profit from the space.
This year, the almost 300-year-old art institution raised $7.3 billion in art sales, with the total bolstered by the spectacular ascent of NFTs. Sotheby’s created an in-house Metaverse platform, an NFT marketplace, which enabled the auction house break into a new market, with 78% of NFT bidders being new clients and more than half being under the age of 40.
In April, the auction house staged its inaugural NFT sale, earning $16.8 million from 3,000 purchasers who bought works by digital artist Pak.
It went on to say that its virtual gallery was mostly being examined for artefacts from the Bored Ape Yacht Club and CryptoPunk, two of the most popular initiatives in the area.
The New York City-based auction company announced that its auctions brought in $6 billion this year alone, bringing its total sales to $7.3 billion.
It should be noted that the auction house allowed crypto assets such as Bitcoin and Ethereum for some of its previous physical object sales, such as a rare diamond and Banksy artworks.
In addition, its widely publicised auction of the first United States of America constitution sparked a lot of interest in the crypto space, leading to the formation of the ConstitutionDAO community, a decentralised autonomous organisation dedicated to putting the constitution “in the hands of the people.”
The NFT industry has grown in the last year, with third-quarter revenues totaling $10.7 billion. In recent months, prominent companies such as Adidas, Nike, and Boohoo have shown interest in the NFT area.
Nike purchased an NFT fashion start-up this week, Adidas announced the debut of its first NFT product line tomorrow, and BoohooMAN released a collection of digital fashion tokens.
For the first time this year, Sotheby’s auctioned digital assets, with an auctioneer accepting bids for tangible artworks in the cryptocurrency Ether (ETH).
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
