Sotheby’s, the world’s oldest art and luxury auction house, has partnered with Sostento, the public health care advocate and nonprofit organization, to auction off its latest nonfungible token (NFT) collection via Sotheby’s Metaverse.
It has been reported that the auction titled Gifted: The 140 Collection is considered to be Sotheby’s “biggest NFT charity auction ever,” with all of its proceeds going toward Sostento.
However, the NFTs were originally gifted by Twitter as part of a giveaway of 140 NFTs to 140 random followers in June of this year. Its recipients became known as “The Besties.” Now, seven of these Besties have elected to sell the full set of 7 NFTs and support Sostento frontline health care workers in their efforts against the COVID-19 pandemic and the opioid overdose crisis.
The report said that the NFT giveaway followed Twitter CEO Jack Dorsey’s $2.9 million sales of the first tweet ever as an NFT on the platform in March 2021. Proceeds from that particular sale aided the COVID-19 response in Africa.
Cassandra Hatton, the Global Head of Science and Popular Culture at Sotheby’s, said:
“It is inspiring to work not only alongside an organization like Sostento, but also with the group of Besties who recognize the significance of their NFTs and are harnessing that power for a good cause.”
Likewise, among Sostento’s partners is the Giving Block, which provides a platform for mission-driven charities, organizations, universities, and faith-based groups of all sizes to utilize cryptocurrency and accept crypto funding.
Joe Agoada, the CEO of Sostento, said:
“Proceeds raised from this sale will be processed by the Giving Block, before being invested directly into fulfilling our mission to help frontline healthcare workers save lives.”
Thus, Sotheby’s is the first auction house to launch a dedicated marketplace for NFTs, Sotheby’s Metaverse. Launched last month, the dedicated platform will exclusively host all of Sotheby’s NFT sales.