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The end is near: Sotheby's starts to sell memes



When the true art is away, memes are here to save the business



15.Oct.21 10:26 AM
By Shawn Highstraw
Photo KnowYourMeme.com

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The end is near: Sotheby's starts to sell memes
Sotheby's comes with a dedicated platform for digital artworks, memes, pictures and other files that are sold as a non-fungible token (NFT). The renowned auction house wants to organise an auction round for NFTS twice a year, said it on Thursday.

The first auction, Natively Digital 1.2: the Collectors, will start on the Sotheby's Metaverse platform on 18 October and will last until 26 October. Among other things, cryptocurrencies can be settled.

NFTs are tokens that are linked to a digital 'something', such as a picture or a meme. The token serves as proof of ownership of the object. They are stored all over the world, similar to the bitcoin.

The sale of NFTs involves large amounts of money. In March, the digital artwork everyday: the First 5000 Days by artist Mike 'Beeple' Winkelmann changed hands via Sotheby's for an amount of 69.3 million dollars (almost 60 million euros).

According to the online database Artprice, digital art accounted for a third of all art traded online in 2020.



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