Sotheby’s wins NFT jackpot thanks to millennials

Sotheby’s had a record year in 2021, helped by its foray into non-fungible tokens.

The nearly 300-year-old auction house has recorded $ 100 million in sales in its new NFT category, with early bidders flocking to its Decentraland virtual gallery and looking for collectibles Bored Ape Yacht Club and CryptoPunk, according to a recent review reports.

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The launch of Sotheby’s Metaverse – a Web3-enabled NFT marketplace – helped attract a larger audience this year with 78% of NFT bidders at auction new to Sotheby’s and more than half under 40, according to its report. Sales contributed to the company’s $ 7.3 billion consolidated sales.

Sotheby’s entered the NFT ring in April with its first sale in collaboration with digital creator Pak, where a three-day sale of a collection known as “The Fungible” generated $ 16.8 million. dollars.

Among its other notable sales, a set of NFT Bored Ape Yacht Club – one of NFT’s most popular collections – reached $ 24.4 million and set a record for the biggest lot sold online at the House of auction. Banksy’s “Love is in the Bin” also broke a record after tripling its high estimate while Kanye West’s Nike Air Yeezy “Grammy wear” sample became the best-selling sneaker.

Sales were boosted by Asian buyers, new collectors and the world’s most expensive Macklowe collection, according to an AFP report. Asian collectors accounted for 46% of bids and purchases of lots over $ 5 million. Sotheby’s said the purchase of “Le Nez” by Alberto Giacometti by cryptocurrency entrepreneur Justin Sun for $ 78.4 million was symbolic of “an influx of younger, tech-savvy collectors.” according to the report.

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