Sotheby’s, the renowned auction house, has launched a secondary marketplace for non-fungible tokens (NFTs), the digital assets that have taken the art and collectibles world by storm. The platform will enable buyers and sellers to transact NFTs that have previously been auctioned by Sotheby’s or other established NFT platforms.

The new marketplace will initially focus on NFTs that represent digital art, collectibles, and virtual real estate, and it is expected to expand to include other categories of NFTs, such as music, sports, and gaming.

To develop the platform, Sotheby’s has partnered with ConsenSys, a leading blockchain technology company known for its expertise in building decentralized applications and infrastructure.

The secondary marketplace aims to provide greater liquidity for NFTs, enabling collectors to buy and sell these digital assets more easily. It will also offer transparency in pricing and transaction history, giving buyers and sellers more confidence in the value of their NFTs.

According to the announcement, the new platform will expand the reach and accessibility of NFTs to a wider audience and provide a trusted platform for collectors to trade these unique digital assets.

Users of the marketplace will be able to browse and search for NFTs based on various criteria, such as artist, genre, and price range. They can also submit NFTs for sale on the platform, subject to Sotheby’s approval process.

The launch of Sotheby’s secondary NFT marketplace is a significant development for the NFT industry, offering a trusted and reputable platform for collectors and investors to buy and sell unique digital assets.