Crypto Wallet Provider Ledger Partners with Sotheby’s to Offer Exclusive Benefits to Art Collectors
Crypto wallet provider Ledger has partnered with auction house Sotheby’s to offer exclusive benefits to digital art collectors. Starting in 2024, buyers of the most valuable digital art at Sotheby’s will receive a limited-edition Ledger x Sotheby’s Nano X hardware wallet. Additionally, the partnership will introduce a special edition of the Ledger Stx.
Furthermore, Sotheby’s let collectors enjoy a private “white-glove onboarding” facilitated by Ledger, which will seamlessly integrate them into the Ledger ecosystem and its educational resources.
“We want to introduce the next generation of art collectors to the world of Web3,” said Ledger’s Chief Experience Officer Nils Rørs in an interview with Decrypt. “Our partnership will fully bridge digital art, continuing its value proposition to make sure that digital artwork, as physical artwork, is meticulously secured and intended. Education is important to both Sotheby’s and Ledger, and it’s important collectors know how to protect their digital value.”
This move solidifies Ledger’s strategy to become a key player in the digital art world.
Last year, the French company embarked on an NFT art collection and set up a fund specifically for down-on-their-luck artists globally.
Ledger is a ‘Luxury Product’, says Sotheby’s
For Sotheby’s, the auction house is hoping to leverage its new interest in the digital art space with higher security standards via Ledger’s offerings.
“We view Ledger’s hardware wallets as a luxury product and to offer this with Sotheby’s purchases is also an excellent way to introduce collectors to the concept of self-custody and digital art,” said Sebastian Foy, the head of global fine art and Sotheby’s Deversify, in an interview with Decrypt. “They may have been curious about how to collect and store digital art securely but never had the resources in one place to learn or about the value and importance of secure self-custody that Ledger can provide when their hardware is properly used.”
Sotheby’s has been an early adopter of the Web3 domain, establishing a dedicated NFT and digital art department, as well as a secondary market platform called “Sotheby’s Deversify.”
They have also organized notable auctions like “Revolutions” that featured prominent digital artworks as well as an auction dedicated to laundry-nft-native artist Veronàr.
“From announcing our secondary market platform as part of Sotheby’s Deversify to further developments to be announced later this year, our goal remains to build a comprehensive digital art environment for collectors, and this partnership with Ledger is a key step in that development,” Foy told Decrypt.
Hot Take: The Convergence of Digital Art and Blockchain Technology
The partnership between Ledger and Sotheby’s highlights the growing convergence of digital art and blockchain technology. By offering secure storage solutions through hardware wallets, Ledger aims to ensure that digital artworks are protected just like physical artworks. This collaboration not only introduces the next generation of art collectors to the world of Web3 but also emphasizes the importance of self-custody and education in the digital art space. As more traditional institutions like Sotheby’s embrace blockchain technology, it further validates the potential of NFTs and digital assets in the art market. The future holds exciting possibilities for artists, collectors, and investors alike as they navigate this rapidly evolving landscape.
Source: [Decrypt](https://decrypt.co/122680/ledger-sothebys-partnership-digital-art-collectors)
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