Sotheby’s Dives Deeper into Crypto by Investing $20M in The NFT Studio Mojito

Sotheby’s, the world’s leading market for luxury and art, joined a $20m seed round investment in Mojito NFT tech company. Future Perfect Ventures from New York, which was the leader of the funding round, was also an investor in the initiative.

Open New Doors

Forbes stated that Mojito was valued at $100 million. It included Future Perfect Ventures and Sotheby’s as well as other participants like Creative Artists Agency or NEA’s Connect Ventures. Future Perfect Ventures, however, will place Jalak Jobsanputra on Mojito’s board as a leader in the funding.

NFT Studio plans to use the funds to grow its engineering teams and create a better version its platform. It plans to tie more partnerships in order to launch brand-specific, non-fungible token markets that are different from traditional ones.

This marks Sotheby’s first investment in crypto-related companies. Charles F. Stewart, the Chief Executive Officer of the corporation, explained the reasons for the involvement.

“We believe that blockchain will be used to increase ownership of digital assets in the future. NFTs are attracting a lot of attention. Sotheby’s mission promotes ownership and access to exceptional art and luxurious objects. It makes sense to focus on this area and develop it.

Charles Stewart, Source: sothebys.com

The NFT craze was huge this summer and saw massive trading volumes. Sotheby’s noticed this and hosted an online auction of NFTs from Bored Ape Yacht Club. The digital collection was sold within a matter of minutes for $24.4 million.

Crypto: Diamond for Crypto

With a new venture, the renowned auction house gained popularity in crypto circles. It announced in July that it had sold the second-largest, pear-shaped diamond ever offered publicly for $12 million.

Sotheby’s revealed that the piece of “Key 101.38” was subject to chemical analysis. It was classified as a Type IIa or, in simpler terms, “the most chemically pure diamond with exceptional optical transparency.” A certificate of authenticity was issued by the firm.

The anonymous bidder purchased the jewelry with cryptocurrency. Sotheby’s didn’t reveal the identity of the winner or the digital asset used to complete the transaction.

There were only two major cryptocurrencies that the company allowed into its offer: bitcoin and ether.

Featured Image Courtesy Of Sotheby’s

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