Sotheby’s hit $100 million in 2021 NFT sales as investors pour capital in the metaverse
|- The auction house Sotheby’s is the first historical art institution to join the metaverse through its NFT sales.
- Sotheby’s has sold CryptoPunks, Bored Ape Yacht Club and NFTs from digital artist Pak, clocking in the $100 million revenue.
- Investors and institutions are pouring capital into the metaverse, over 50% of Sotheby’s bidders were under 40 years of age.
Historic auction house Sotheby’s announced record annual sales of $7.3 billion in 2021. The art institution issued a statement revealing $6 billion in revenue from auctions and a $100 million from the sale of NFTs.
Sotheby’s metaverse push generated $100 million from NFT sales
Sotheby’s is the first historic art institution to venture into the metaverse and the sale of non-fungible tokens. The metaverse push added $100 million to the auction house’s revenue for 2021, from the sale of NFTs.
Bored Ape Yacht Club (BAYC), a collection of 10,000 unique NFTs, and CryptoPunks, launched in 2017 by Larva labs were among the two prominent collections auctioned by the art institution. A BAYC NFT sold for $3.4 million and a single CryptoPunk fetched the institution a whopping $11.8 million.
Sotheby’s revenue in 2021 marks the strongest year in its 277 year history.
The institution’s first NFT sale was by pseudonymous artist Pak, clocking $16.8 million within three days. Sotheby’s noted a rebound as clients enjoyed the seamless digital and physical experience offered by the auction house.
As investors pour capital in the metaverse and digital experiences, NFT sales have skyrocketed. Sotheby’s noted that over 50% of the bidders were under 40 years old, a shift to younger tech driven entrepreneurs as clients.
Sotheby’s recently launched its metaverse platform, “Sotheby’s Metaverse” in a push to boost revenue from the sale of digital art. The auction house had showcased NFTs in a virtual gallery on Decentraland, reaching wider audiences.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.