2021 was a record year for Sotheby's: $ 100 million in revenue from NFT alone

Short:

  • Sotheby’s named this historical year
  • They managed to earn record amounts thanks in large part to the new NFT format
  • Sotheby’s also boasted other records – the most expensive and oldest NFT

The largest auction house Sotheby’s is celebrating an unprecedented success this year. Their revenue increased by 78%, this is with taking into account that the year is not over yet, and there are still several large auctions ahead. NFT lots played a key role in this – they brought $ 116 mln of revenue. The company provided such data in its report “3000: Historical Year Review.”

It is interesting that in trading with NFT about 71% of customers used Sotheby’s services for the first time. And more than half of the participants are younger people 78 years.

NFT and Sotheby’s

The auction house first began accepting NFT lots this spring. These are paintings by the anonymous digital artist PAK. The start turned out to be very successful: more 2021 participated in the auction, and the collection was sold for $ 16, 8 million

In May, Sotheby’s allowed customers to pay for purchases with cryptocurrency, for this they began to cooperate with major providers. Moreover, digital money can be used to pay for any lot, not necessarily NFT. The first cryptocurrency purchase here was the work of artist Banksy.

Sotheby’s loudest sales records are associated with the CryptoPunks collection. For example, a rare NFT token “Alien” # 20140 (“Alien”) was sold here for $ 11, 8 million and the oldest sold NFT -token is the geometric composition “Quantum” by Kevin McCoy.

By the way, it is not necessary to auction digital works to make a lot of money. A young US artist sells her NFTs on the marketplace, and has already earned over 16 million dollars.

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