Sotheby’s Invests in Crypto For the First Time

Quick Summary

  • Sotheby’s invests in NFT studio Mojito joining other ventures in NFT-oriented projects. Sotheby’s put $20 million in the company, valuing Mojito at $100 million. It wants to create more partnerships that will work differently from today’s platforms such as Amazon or eBay.
  • Many people are starting to believe in blockchain technology and its implementation. Charles Stewart, CEO of Sotheby’s is one of these people too. He wants to keep up with art gaining huge momentum by investing in crypto projects like Mojito. 

NFTs used to be “a thing” of ordinary people like it happened to be with cryptocurrencies. However, institutions have begun to participate also. Now even Sotheby’s sees the big opportunity in the NFT space and wants to be a part of it. Not only it has the biggest auction house in the world, but it invests in other crypto and NFT-oriented projects too.

Sotheby’s Invests in Crypto

Sotheby’s, the biggest art and luxury auction house in the world is betting on digital art by joining a $20 million seed round investment in Delaware-based NFT studio Mojito, joining the likes of Future Perfect Ventures, Creative Artists Agency and NEA’s Connect Ventures. 

Sotheby’s $20 million investment values the firm at $100 million, according to a statement, and Future Perfect partner Jalak Jobanputra will take a seat on the company’s board. Mojito plans to use the new capital to develop its engineering teams in order to continue building the Mojito platform. Moreover, it wants to create more partnerships to launch brand-specific non-fungible token (NFT) marketplaces that work differently from today’s standard of Amazon and eBay-type platforms.

“We believe in the future of using blockchain to expand ownership of digital assets,” says Charles F. Stewart, Sotheby’s CEO.

https://thecoin.news/post/45692

Sotheby’s has joined the growing number of traditional art dealers and collectors adopting NFTs as part of their repertoire, as digital art keeps gaining momentum. However, Sotheby’s is taking its relationship with digital art to a whole new level by making its first investment in a crypto project, betting on the success and prevalence of NFTs and other crypto assets as serious marketable goods.

“There is a huge amount of focus and interest in NFTs. We hear about these categories from most of our existing clients and collectors, but we are also engaging with a rather large new audience who is very focused on this category. Sotheby’s mission is to promote access and ownership of exceptional art and luxury objects, so focusing and developing this area makes a lot of sense,” Stewart added.

Conclusion

Continuing rise and interest in the NFT universe starts to lure institutions on this trend. It’s not just a “place of IT guys and nerds” anymore. Anyone who wants to be a part of it can join and that’s what makes it decentralized and so exciting. The whole world is about to transform in its functioning thanks to the institutional interest and creativity of people trying to create something new. 

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sources: forbes

author: Rene Remsik

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.