1stDibs enters the NFT space with the launch of a new NFT marketplace for digital artwork & rare luxury items
1stdibs is a luxury internet startup that offers a marketplace for rare and desirable objects in furniture, fashion, fine art, and jewelry. 1stdibs’ platform connects design lovers with highly coveted sellers and makers of vintage, antique and contemporary furniture, home
décor, art, fine jewelry, watches, and fashion.
The digital art market has exploded in recent months after the report of a single piece of a non-fungible token (NFT) art sold at Christie’s Auction for a record-setting $69.3 million, making it the most expensive digital art ever sold. Since the beginning of 2021, the digital art world has been dominated by human artists, musicians, and creators. Now, the New York-based 1stdibs is joining the NFT craze to shake things up.
Today, 1stdibs announced the launch of its own NFT platform to respond to the rapidly growing market for digital artwork. During the initial phase, the proprietary platform will feature semi-monthly auctions consisting of both group and solo work, starting with a two-week exhibition launching today. The debut exhibition is titled “Portals,” and is curated by notable artist Metageist.
The launch is the latest expansion for 1stDibs (originally founded as an online destination for antiques, the site has since expanded with a global array of art, jewelry, contemporary furniture, fashion, and more), exemplifying CEO David Rosenblatt’s belief that the world will only become more digital, not less.
Rosenblatt draws on extensive industry experience to create a digital platform that inspires today’s shoppers. Prior to his position at 1stDibs, David served as CEO of DoubleClick, the leading provider of online marketing technology, which he sold to Google. Following the acquisition, he stayed on as Google’s President of Global Display Advertising. He serves on the boards of Twitter, Farfetch, and IAC.
In a statement, 1stDibs said that its NFT offering will be available at 1stdibs.com/nft-collections and will be differentiated within the market.
First, unlike the current NFT, 1stDibs said the platform will only include a highly curated inventory of semi-monthly online exhibitions featuring new crypto-art by creators 1stDibs has selected through a rigorous vetting process. The invitation-only seller market for NFTs will focus on renowned creators from the fine art world and the Metaverse who have proven track records of commercial success.
Second, 1stDibs stated that the company is building on the considered curation that it is known for, the NFT platform participates in this market with a native blockchain approach, which includes minting and an on-chain marketplace. This combination of a curatorial experience and the technical capabilities of the native NFT platform offers a unique distinction among blue-chip marketplaces.
The initial launch includes a custom ERC721 token smart contract which is limited to minting a maximum of 5,000 tokens. In later iterations of the NFT marketplace, a new token smart contract will be deployed so that this initial launch is always limited. The buying process was designed to be seamless and native to the blockchain, leveraging Ethereum cryptocurrency accessed through a Metamask wallet that collectors can connect to the site.
1stDibs will also use the platform to build community through content creation. “1stDibs will publish original content in collaboration with the creators to tell the story of their collections and their artistic vision,” the company said.
NFT (non-fungible token) is a type of cryptographic token on a blockchain that represents a unique digital asset. This asset can either be entirely digital assets or tokenized versions of real-world assets. Because NFTs are not interchangeable with each other, they may function as proof of authenticity and ownership within the digital realm, for example as proof of the authenticity of rare art. NFT is a special type of token that lives on the Ethereum blockchain and proves digital ownership of its associated media.