Web3 SuperApp Kresus, whose non-custodial wallet forms a popular gateway to all things crypto, has scoured a coup by integrating with Sotheby’s Metaverse. The digital marketplace and gallery of the renowned British auction house of the same name, founded in 1744, Sotheby’s Metaverse, curates digital artwork and collectibles.
The addition of the Kresus wallet to Sotheby’s Metaverse provides a new way for users to connect and interact – and it’s one that’s particularly kind to beginners. Kresus has designed its wallet to be as frictionless as possible without compromising the robust security hallmark of non-custodial storage.
Kresus Enters the Metaverse
The metaverse assumes many forms – so many in fact that few people seem able to agree quite what it constitutes beyond being a digital world that anyone can enter. In the case of Sotheby’s Metaverse, that digital realm resides in Decentraland, where Sotheby’s London premises have been faithfully recreated. As a result, visitors can pass through its virtual doors and admire the artwork and collectibles displayed on the gallery walls.
There’s one other integral component to the metaverse of course: web3 connectivity, to turn NFT viewers into collectors. It’s here that the Kresus wallet will serve to enhance the Sotheby’s Metaverse experience. A good number of the users checking out Sotheby’s digital domain will be new to web3 and thus unfamiliar with requirements such as recording a seed phrase and private key management. This is just one of the ways in which Kresis excels, with its seedless design allowing users to authenticate with social login and 2FA.
Commenting on the integration, Kresus CEO Trevor Traina said: “Sotheby’s is one of the oldest and most trusted names in the world of fine art and collectibles. Kresus is proud to be added to the short list of digital wallets available to collectors discovering digital art at Sotheby’s Metaverse.”
NFTs Continue to Defy Expectations
Sotheby’s Metaverse launched in early 2020 at a time when NFTs were mushrooming into a multi-billion dollar asset class and celebs were dropping $500K on a single Bored Ape or Crypto Punk. While the hype died down significantly in the ensuing bear market as trading volumes dropped off, NFTs have been revitalized in 2024.
The introduction of the ERC404 standard by Pandora, which allows NFTs to be traded like ERC20 tokens, deepening liquidity and supporting fractionalization, has kickstarted a new wave of adoption. In the months to come, a host of new applications will be developed that make use of this standard as crypto builders identify new ways to harness the token standard to optimum effect. All of which bodes well for NFTs as an asset class, including the sort of digital collectibles that adorn the walls of Sotheby’s Metaverse.
With Kresus’ web3 wallet now integrated with Sotheby’s Metaverse, the pathway to NFTs has gotten a little easier for crypto beginners. It’s a small step for user onboarding, but one that will pay dividends as NFTs continue to entice non-crypto natives in 2024 and beyond.