Ledger has established an ‘exclusive’ collaboration with Sotheby’s, offering exclusive hardware wallets to NFT art collectors.
Sotheby’s, the renowned art auction house, is offering exclusive perks to its top digital art collectors by providing them with complimentary wallets, thanks to its partnership with crypto wallet manufacturer Ledger.
Under this arrangement, purchasers of the most valuable digital art at Sotheby’s will receive a special limited edition Ledger x Sotheby’s Nano X wallet, beginning in 2024. Additionally, there are plans for the partnership to introduce a special edition of the Ledger Stax in the near future.
The Ledger Stax is an advanced method of securely storing private keys offline on a Secure Element chip. It ensures complete isolation between the keys and the user’s computer or smartphone, offering full control over their assets.
It’s worth noting that this complimentary offer is time-limited, as Ledger will cover the wallet costs for only one year, as confirmed by Ian Rogers, the company’s Chief Experience Officer. Currently, Ledger Nano X is priced at $149 per unit, and Ledger Stax is sold for $279 each, excluding taxes, according to Ledger’s website.
In addition to the hardware wallets, Ledger is set to offer “white-glove concierge onboarding” services to Sotheby’s clients. This service is designed to assist clients in comprehending the self-custody aspects of digital assets. As part of this initiative, an educational content series will be provided through Ledger Academy. These resources will be accessible on Sotheby’s Metaverse platform, providing collectors with a deeper understanding of Web3 concepts and effectively integrating them into Ledger Academy’s educational materials.
Rogers emphasized
“We aim to introduce the next generation of art collectors to the world of web3. Our partnership is dedicated to fully embracing digital art, solidifying its value proposition, ensuring that digital artwork, like physical art, is meticulously preserved and safeguarded. Education holds significant importance for both Sotheby’s and Ledger, and it’s crucial for collectors to understand how to safeguard their digital assets.”
Last year, Ledger introduced three NFT collection initiatives with the aim of “shaping the future of digital art.” These initiatives included an NFT art collection that highlighted the work of the world’s most talented NFT artists, with the goal of eventually placing their creations in institutions and museums. Additionally, Ledger established a non-profit NFT endowment fund to provide support to NFT creators and enhance their global presence. Lastly, an NFT Task Force was formed to ensure that this creative movement prioritizes true ownership and maintains a strong focus on security.
Sotheby’s, in contrast, ventured into the Web3 domain early on by creating a specialized NFT and digital art department. It gained recognition for auctioning NFTs worth millions of dollars. In the previous year, it recorded $100 million in sales in the NFT category. Nevertheless, 2023 has witnessed a decline in NFT sales due to the prolonged bear market.
Now, with its partnership with Ledger, the centuries-old auction house is poised to enter the digital art arena with enhanced security standards, aiming to provide added protection to its digital art collectors and investors.
Sebastian Fahey, the Managing Director of Global Fine Art and Sotheby’s Metaverse lead, shared his perspective, stating
“We see Ledger’s hardware wallets as a luxury product, and providing them to Sotheby’s buyers is a fantastic way to introduce collectors to the idea of self-custody and digital art. They might have had an interest in securely collecting and storing digital art, but lacked a comprehensive resource to understand the value and significance of secure self-custody, which Ledger can provide when their hardware is used correctly.”
