Sotheby rakes $100 million profit from NFT auctions

2021-12-17 01:30

While blockchain technology has been with us for the best part of the last decade, 2021 is unarguably the year that saw a widespread adoption of some of the use-cases of the technology like its use in crypto, non-fungible tokens (NFT) and even in decentralized finance (DeFi).

One of the earliest traditional auction houses, Sotheby, who jumped into the auctioning of NFTs, in a recently released report, has revealed that it made around $100 million in gain from the space.

First-time bidders flock Sotheby Metaverse 

Sotheby, in its report, revealed that its foray into the NFT-sphere with its launch of a Metaverse helped to draw the attention of the wider crypto community to its auctions. According to the firm, 78% of bidders at its NFT auctions were new to the platform and they were, more interestingly, below the age of 40.

It continued that its virtual gallery were mostly being scoured for Bored Ape Yacht Club and CryptoPunk collectibles —two of the most popular projects in the space.

The New York City-based auction house declared that it made $6 billion from its auctions in this year alone while it has a total of $7.3 billion in consolidated sales.

Notable Sotheby NFT auctions

The first NFT sale of the auction house took place in April and lasted for 3days. This debut sale attracted 3,000 buyers and generated $16.8 million from the NFTs made by Pak, a popular digital artist. 

After this, Sotheby has gone on to sell NFTs of the original World Wide Web (WWW) source code for $5.3 million. An $11.8 million sale of a rare CryptoPunk followed, while a Bored Ape Yacht Club NFT was sold for $24.4 million. 

It should be added that the auction house also accepted crypto assets like Bitcoin and Ethereum for some of its other auctions of physical objects like a rare diamond and for artworks by Banksy.

Also, its widely publicized auction of the 1st United States of America constitution generated a lot of buzz in the crypto space has it led to the creation of the ConstitutionDAO community, a decentralized autonomous organization that set out to put the constitution “in the hands of the people.”

The post Sotheby rakes $100 million profit from NFT auctions appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Advanced Technology Coin (ARC) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0022827 (-100%)

technology nft adoption finance defi widespread year

Источник: cryptoslate.com

technology nft → Результатов: 120


3space Art platform offers NFT as a subscription service to decorate your living room and office

Thanks to NFTs and the use of blockchain technology, the digital art space has been booming and blooming lately. But mostly limited to sharing artworks on websites and across social media, it still lacks the charisma of offline events and exhibitions that is inseparable from and integral to the authentic artistic experience.

2021-12-16 17:58


Blockchain World’s DCS 2021: Deep-Diving into the Most Pressing Industry Challenges

By 2022, worldwide spending on blockchain solutions will reach $11. 7 billion, with the global blockchain technology market estimated to $20 billion in revenue by 2024. 200 industry-leading experts in digital currencies, crypto, NFT and Blockchain technologies discussing the future of a rapidly growing global digital space.

2021-12-4 16:39


Shiryo-Inu — NFT Trading Card Game

Why did NTF games become so popular? The answer is obvious: they allow people to use the latest developments from the decentralized technology industry through gameplay. Some of these games have become a whole business for crypto enthusiasts and people far from the industry who collect NFT cards, earn internal tokens and sell them on […] Сообщение Shiryo-Inu — NFT Trading Card Game появились сначала на Coinstelegram.

2021-11-18 23:05


BNBMatrix: A BSC Based Yield Farming Dapp Offering up to 17% Daily ROI

Since its launch in September 2020 as a parallel platform by Binance, Binance Smart Chain (BSC) has been making its presence felt in multiple financial technology markets. With its low transaction fees, fast processing speeds, and compatibility with Ethereum Virtual Machine, it is offering an unbeatable user experience to NFT, Dapp, and DeFi developers.

2021-11-10 21:47


Фото:

Art Basel in Miami Beach to Feature Tezos (XTZ) NFT Exhibition with Leading AI Artist Mario Klingemann

Tezos-themed unique interactive NFT exhibition will be featured at this year’s Art Basel in Miami Beach, an announcement made today confirms. Tezos-based NFTs in the Spotlight Titled Humans + Machines: NFTs and the Ever-Evolving World of Art (December 2–4, 2021), this year’s Art Basel in Miami Beach will bring together art, technology, and culture andRead More

2021-11-10 20:00


Pierre Gasly Partners with Fantom to Become the First Formula 1™ Driver to Offer One of a Kind NFTs for Fans

Blockchain technology is coming to Formula 1™ as Pierre Gasly partners with Fantom to bring NFTs to the world’s fastest sport Non Fungible Tokens (NFT) have taken the world by storm in 2021. The previously maligned sector of the cryptocurrency market which was known for clogging the Ethereum network with CryptoKitty’s has emerged as the fastest-growing subset of the crypto market with billions of dollars in transactions happening monthly.

2021-10-19 19:47


Komodo completes P2P cross-chain token fundraise for NFT infrastructure project Tokel

Komodo, an open-source technology provider that offers all-in-one blockchain solutions and pioneer behind AtomicDEX which enables safe and instant swapping and transfer of assets between trader wallets without requiring AMMs, announced today it has successfully completed a peer-to-peer, cross-chain fundraise with Tokel, a tokenization infrastructure provider.

2021-9-17 06:52


дальше еще 71 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Sotheby’s Solo Auction Will Feature $10 Million CryptoPunk NFT

At a highly anticipated upcoming auction, one ultra-rare CryptoPunk will get some additional stage time at the luxury auction house, Sotheby’s. Sotheby’s Will Sell The CryptoPunk Sotheby’s stated today in a Tweet that the sale of CryptoPunk #7530, better known as “Covid Alien,” will take place during a “special, standalone” auction. The Punk was originally […]