Sotheby’s to Hold NFT Auction Based on Popular Subreddit

Credit: Sotheby's

From March 17-24, famed auction house Sotheby’s will hold a non-fungible token auction based on a popular subreddit that explores “oddly satisfying” web videos. Called “Natively Digital: Oddly Satisfying,” the auction will feature top Web3 artists, including Beeple, Ryan Talbot, ARC, and Clement Morin.

“Oddly satisfying” internet videos are a trend that began in 2013, which enthusiasts often call “visual ASMR.” The videos often feature mesmerizing patterns and loops, which people “escape” into, sometimes receiving a kick of dopamine and serotonin. The artwork in the auction, which drew inspiration from the Oddly Satisfying culture, has a blend of themes, colors, and movement.

The Sotheby’s auction will coincide with Paris Blockchain Week, and the auction house will host the event both in-person and in the metaverse. For the latter, Sotheby’s is setting up shop in RLTY World, a private metaverse that brands and Web3 communities use. In addition to providing the infrastructure for the digital side of Sotheby’s auction, RLTY World will stream speeches from Paris Blockchain Week and hold a virtual Web3 job fair.

Most of the animations for this auction listed on the Sotheby’s website start around a few thousand Euros. There will be 66 NFTs up for grabs, with Beeple’s pieces counting for an unknown quantity. After the auction, Sotheby’s will continue its Natively Digital series with a glitch art auction featuring XCOPY and other artists.

Crypto Art Makes Waves

There are many who believe that artists are the lifeblood of the NFT space, and that, without them, non-fungible tokens would be a lot less fun. The news this year has borne that idea out. Here are three stories that show how organizations are prioritizing NFT artists, all from the past two months.

First, three weeks ago, Mizuno, one of Japan’s leading sportswear brands, launched an NFT collection on OpenSea. The limited-edition collection pairs digital artwork with IRL footwear. Mizuno divided the NFTs into three sports categories, which the company specializes in.

Next, one month ago, eBay’s NFT platform, KnownOrigin, launched a smart contract specifically for artists. With the smart contract, artists will be able to collaborate on a single project and split royalties, a rare functionality.

Lastly, two months ago, the Orlando Museum of Art officially entered Web3 with an NFT exhibition called “Twentysomethings: Works and NFTs from the Fabio Sandoval Collection.” The exhibition featured up-and-coming NFT artists, as well as works from more traditional mediums like oil on canvas.

Sotheby’s latest auction is big news and shows that there is still a market for high-quality digital art. Here at Rarity Sniper, we’ll keep our ears to the ground for further developments in the story.