Sotheby’s is experiencing the best grossing year in its 277-year storied history. The auction house reported $7.3 billion in consolidated sales this year, $100 million of which from Sotheby’s NFT sales. In the light of this incredible feat, Sotheby’s highlighted that 78% of NFT bidders were new bidders. Some of the notable NFT auctions include CryptoPunk and the Bored Ape Yacht Club (BAYC) collections.
Sotheby’s NFT Journey
Sotheby’s has dubbed 2021 a historic year as they have broken multiple records and achieved many firsts. Above all, the company has credited its success to the influx of young new bidders and also the introduction of its digital marketplace. Evidently, the company has progressed rapidly since its first NFT sale in April 2021. Sotherby’s Metaverse has been live since October and it exclusively hosts all of the company’s available NFTs. The metaverse is built on Decentraland and is designed as a replica of its London gallery.
Sotheby’s NFT breakthrough comes as no surprise. Evidently, the company has been working towards this direction for some time already. Presenting art in innovative locations, influx of younger buyers, technological transformation, and sustainability were among the company’s 2021 market predictions. Needless to say, these predictions have been spot on, allowing the company to make the right moves from the get go.
All things considered, 2021 is not over and this record is set to expand further given that there are still 20 more auctions scheduled for the remainder of December.