Sotheby's Metaverse Gears for 'Biggest NFT Charity Auction', Proceeds Will Go to Healthcare Workers

The NFTs illustrate the many facets of Twitter, from the first iterations of its logo to its 140-character limit.

By Radhika Parashar | Updated: 23 November 2021 16:24 IST

Sotheby's Metaverse Gears for 'Biggest NFT Charity Auction', Proceeds Will Go to Healthcare Workers

Photo Credit: Twitter/ Sean Williams

These NFTs were actually gifted to 140 random followers by Twitter in June

Highlights

The bidding is on until December 1
The proceeds will go to healthcare workers
Sotheby’s Metaverse has partnered with Sostento

Sotheby's has put up a series of non-fungible tokens (NFTs) for auction, with plans to donate the proceeds to frontline healthcare workers. The auction house's virtual platform Sotheby's Metaverse has partnered with healthcare-focussed non-profit Sostento as part of its initiative. A series of NFTs have been put up for auction on the Sotheby's Metaverse website under the title “Gifted: The 140 Collection.” The price range of these NFTs lies between $1,000 (roughly Rs. 74,000) and $2,200 (roughly Rs. 1.6 lakh), as listed on the website.

NFTs are valuable virtual collectibles, inspired by real-life elements like sketches, artworks, and more. Collectors can purchase these NFTs with fiat money or cryptocurrencies.

One of the largest NFT charity auctions ever opens for bidding today! In Gifted: The 140 Collection, we bring you 7 NFTs, in editions of 20, from the @twitter 140 collection in collaboration with @sostento to support front line healthcare workers. https://t.co/TBFDItlA57 pic.twitter.com/vvJXA4LBxs
— Sotheby's Metaverse (@Sothebysverse) November 22, 2021

The NFTs being auctioned in this project were actually gifted to 140 random Twitter followers in June. These winners were called the Besties, out of which, seven have come forward to sell their holdings and help the frontline workers.

140 free NFTs for 140 of you, besties pic.twitter.com/0Pm0tNhIRg
— Twitter (@Twitter) June 30, 2021

“The NFTs illustrated the many facets of Twitter, from the first iterations of its logo to its 140-character limit. Now, seven of those lucky strangers have united to sell a full set of seven NFTs with proceeds going towards Sostento, an organisation that gives vital support to frontline public health workers,” Sotheby's Metaverse has written in a post, describing the collection.

Images and videos of many of the actionable NFTs have emerged on Twitter under the hashtag, #Gifted140.

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Thank you @iArtSometimes for donating this amazing pieces for the cause of artists & frontline healthcare heroes.

Every single one of our lives were impacted by the pandemic, but it's how we lift up others that matters most. #Gifted140 https://t.co/zOHLgNcFTZ
— Joe Agoada (@joeagoada) November 22, 2021

As one of the @Twitter 140 Besties, I'm honored to support the efforts of @Sostento and @Sothebysverse to raise funds to benefit frontline healthcare workers. I've commissioned this awesome 1/1 piece by young Indonesian artist @MLTED_NFT! #Gifted140 pic.twitter.com/GX4TS6xqyo
— Ricky Pearce ???? (@rickypearce) November 22, 2021

It's my pleasure and honour to announce the #NFTGuild is donating a special piece to @Sostento through @TheGivingBlock to honour frontline healthcare workers. Special thanks to @joeagoada for this opportunity.
????1/2 pic.twitter.com/GmY5nxLu2l
— Amir (@mondoir) November 22, 2021

“It is inspiring to work not only alongside an organisation like Sostento, but also with the group of Besties who recognise the significance of their NFTs and are harnessing that power for a good cause,” CoinTelegraph quoted Cassandra Hatton, Sotheby's Global Head of Science and Popular Culture as saying.

The biddings are open till December 1.

NFT sales volume surged to $10.7 billion (roughly Rs. 79,820 crore) in the third quarter of 2021, up more than eightfold from the previous quarter, according to data from market tracker DappRadar.

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Surging sales and hefty prices on NFTs — items which do not physically exist — have baffled many but the multi-fold growth shows little or no depreciation whatsoever.

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Further reading: Sothebys, Metaverse, NFT, Non-Fungible Tokens, NFT Auction

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More