Ledger and Sotheby's Team Up for Digital Art Exclusives

Crypto Breaking News

Oct 3

Crypto wallet provider Ledger has partnered with art auction house Sotheby's to offer exclusive benefits to digital art collectors.

The tie-up entails that beginning 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.

The partnership will also soon feature the introduction of a special edition of the Ledger Stax.

Additionally, Sotheby's elite collectors can enjoy a premium "white-glove concierge onboarding" facilitated by Ledger, which will seamlessly integrate them into the Ledger Academy's educational resources.

"We want to introduce the next generation of art collectors to the world of web3," Ledger's chief experience officer Ian Rogers told Decrypt. "Our partnership will fully embrace digital art, cementing its value proposition to make sure that digital artwork, same as physical artwork, is meticulously safeguarded and maintained. Education is important to both Sotheby's and Ledger, and it's important collectors know how to protect their digital value."

The move comes amid Ledger's strategy to become a key player in the digital art world.

Last year, the firm began development on an NFT Art collection and set up a fund specifically for aiding artists globally.

Ledger as a 'luxury product', says Sotheby's

As for Sotheby's, the auction house is hoping to merge its new interest in the digital art space with higher security standards via Ledger's offering.

"We view Ledger's hardware wallets as a luxury product and to offer these with Sotheby's purchasers is also an excellent way to introduce collectors to the concept of self-custody and digital art," the managing director of global fine art and Sotheby's metaverse lead Sebastian Fahey told 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 more 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 mover of the Web3 domain, establishing a dedicated NFT and digital art department, as well as a secondary market platform, called "Sotheby's metaverse."

They have also organized notable auctions like "Grails" that featured prominent digital artworks as well as an auction dedicated to legendary generative artist Vera Molnàr.

"From announcing our secondary market platform as part of Sotheby's Metaverse 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," Fahey told Decrypt.