Sotheby’s Reports $100M in NFT Sales, Attracts ‘Younger Tech-Savvy Collectors’
The centuries-old institution said it earned a total of $6 billion in sales so far from its auctions in 2021, up 71% from the year before
- Over half of NFT bidders were under 40 and over three-quarters had never before participated in its auctions
- The auction house launched NFT marketplace, Sotheby’s Metaverse, in October
Sotheby’s auction house has had a “historic” year and, in part, credits “the meteoric rise of NFTs” for its record-breaking sales, according to its annual report sent to Blockworks on Wednesday.
The centuries-old institution has netted $100 million from sales of the blockchain-based digital collectibles, according to the report.
Sotheby’s earned a total of $6 billion from its auctions so far in 2021, up 71% on the year. Dubbing its performance as “the strongest total in [the] company’s 277-year history,” the auction house has seen a surge of new bidders this year, specifically in its non-fungible token (NFT) sales, according to data in the report. Over 50% of NFT bidders were under 40 and 78% had never before participated in its auctions.
“An influx of younger, tech-savvy collectors also saw a landmark crossover into purchases,” the report detailed.
The auction house launched its NFT marketplace, Sotheby’s Metaverse, in October, making it the first auction house to have an NFT-dedicated platform. Sotheby’s had previously auctioned off a single CryptoPunk for $11.8 million and a single Bored Ape for $3.4 million.
Competing auction houses Christie’s and Phillips are expected to release their annual results next week.
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