NFTs for good: Sotheby’s launches new NFT auction

November 23, 2021

Art auction house Sotheby’s has announced that it is auctioning off its latest non-fungible (NFT) collection via Sotheby’s Metaverse as part of a new collaboration with public health NPO Sostento. The auction will be the biggest NFT charity auction to date, according to records, with all proceeds going towards Sostento. Sostento’s aim is to support and aid frontline workers who have been involved in the Covid-19 pandemic and the opioid crisis.

Originally, the NFTs in the collection were gifted by Twitter to random Twitter followers in June as part of a massive giveaway with 140 NFTs going towards 140 different users.

 

Seven of the original recipients (known as the “Besties”) of the giveaway have come together to offer their set of NFTs to support Sostento in the charity auction. According to news reports, Cassandra Hatton, Sotheby’s Global Head of Science said that working alongside an organization like Sostento is inspiring and to have seven of Besties come together to recognize how important using their NFTs for good is significant in the world of art and blockchain.

Sotheby’s has been involved in utilising blockchain, with the launch of its own digital art houses on Metaverses and blockchain projects. It is also the first auction house to launch a dedicated platform and marketplace for NFTs, making Sotheby’s Metaverse the first of its kind.

NFTs for good: The Gifted Collection

The auction has been titled Gifted: The 140 Collection and it will see Sostento’s partner, the Giving Block, exposure too. The Giving Block is a platform empowering mission-driven charities, non-profit organizations and university groups for social justice make use of cryptocurrency and harness crypto and blockchain-based assets as part of fundraising efforts. Proceeds from the Gifted Collection will be processed by the Giving Block before Sostento will invest directly into its mission to help frontline healthcare workers.

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