Why Sotheby’s Jumped Onto NFT Bandwagon?

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Cryptocurrency hype is surprising, and now it is a new norm to hear day-to-day news about it, while what’s more biggest is that Sotheby, which is one of the oldest auction houses, has also decided to move with the latest trends. Now, these are the NFT or non-fungible tokens, which this auction house is focused on.

Well, you might be wondering what the NFTs are in the very first place, so let us be clear here. There are digital assets, and technically, these are similar to cryptocurrency. Therefore, the ownership for these tokens also works in a similar way as for the ownership of cryptocurrencies, and more recently, NFTs are holding their place for investment as well as for buying.

NFT is like a digital asset that reflects the cost of an online art piece, such as music, painting, video, etc., in the real world. These are bought and sold online while maintaining proof for any item, and they are secured via blockchains. So, these fungible tokens work in a way like if you exchange a 1 dollar bill, you get the same 1 dollar, but this time it has a different serial number.

Getting Synchronized

An endeavour to get synchronized with the latest trends, such as doing business in cryptocurrency, could be one of the many reasons that Sotheby has embraced the NFT bandwagon. Another reason is that all the artwork auction is taken to the online selling. Reportedly, in June 2021, Sotheby and Robert Alice co-curated its first auction under “Natively Digital: A Curated NFT Sale”.

The Main Collaborator

Sotheby has partnered with a digital artist called Pak for the transaction of digital assets. Pak is an anonymous person or a group who has been working in digital art for decades. The main reason behind this anonymity of identity is that the artist wants more focus on the art pieces and wants to be known with them. Moreover, Sotheby is a company that was established in 1744, and since then, it has been recognized primarily for selling art pieces and paintings worth of million dollars. Recently, it has embraced this NFT-digital transaction platform, and the company took this big step after watching Christie’s auction worth $70 billion for an artwork of a collage.

According to the experts, NFTs are revolutionary for bringing the new arts in the field, and it is a way to get across traditional ways of the physical world into the virtual and fast world of auctioning the art, which could be a form of ‘new aesthetics.’ Therefore, it could be a small step for expecting something really wonderful in the near future.

According to the experienced NFT auctioneers for wearable items, it is very difficult to grasp the concept of crypto for real items, and it may take some time for people to get accustomed to such novel ways. It is similar to the fact that many people still cannot understand betting at e-sports, such as at https://vulkan-bt.com/. So, it is all about educating the people, and currently, there are very few people who have a knack for understanding modern trends.  

How Actually NFT Works?

For an easy understanding, let’s use analogies from the real world. For example, there is this Mona Lisa painting, and everyone might own a copy of it, but not the real piece. Well, the auctioned pieces of art are those who have value for their originality, and therefore, they are sold expensively. Similarly, if you like music, then you can own a copy of the music and can’t convince people that you have a master recording of your favourite art piece. In a similar manner, you can have digital copies of art pieces, and you can showcase them online; but, the main distinguishable feature of NFT blockchain is that it authorizes a person if he/she owns an authentic art piece.

So, there is this online space, which will take care of your art piece and prove that you’re a real owner of Mona Lisa painting, Thriller music, or any other similar piece.

Sotheby on NFT Hipe

After the whole discussion, we could see that Sotheby has a progressive approach for introducing novelty in the artworks. Also, this is an era of post-digital currency, which means that the money has moved beyond credit and debit cards to blockchains, and it could be the best place for the business settings. Therefore, Sotheby has this visionary approach to get into the main streamline of the NFT bandwagon, and it is a potential place where the new users might be moving in, and at the same time, NFT will be benefitting from providing business space for such an established brand. As an exchange, it will turn NFT into a legitimate and legal space for businesses worth billions of dollars. 

 

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