Leading auction house Sotheby’s has collaborated with cryptocurrency security company Ledger to provide premium digital art collectors with Ledger hardware wallets to safely store their non-fungible tokens (NFTs).
Under the partnership, top-tier purchasers from Sotheby’s NFT auctions will receive limited-edition co-branded Ledger x Sotheby’s Nano X devices starting in 2024.
Onboarding NFT Collectors to Self-Custody
The initiative aims to encourage collectors new to crypto to embrace secure self-custody of valuable NFT purchases directly in their own wallets.
Ledger’s Nano X features industry-leading security in an easy-to-use device for managing private keys offline, preventing asset loss or theft.
According to Ledger’s Chief Experience Officer Ian Rogers, the collaboration will “support all digital art collectors on every chain” as ownership shifts increasingly on-chain.
Free One-Year Offer to Sotheby’s Clients
To onboard clients, Ledger is providing the special Sotheby’s-branded Nano X wallets free of charge for one year, which normally retail for $149.
In the future, Ledger also plans to offer its high-end Ledger Stax wallet stacking units to Sotheby’s customers for securely storing NFTs, which cost around $279 apiece.
Additionally, Ledger will provide educational resources to help familiarize Sotheby’s collectors with self-hosted wallets and managing digital assets.
NFT Market Faces Recent Headwinds
Sotheby’s has been a pioneer in mainstream NFT auctions, facilitating record sales of highly coveted collections like the Bored Ape Yacht Club.
But the NFT market has cooled considerably recently amid the crypto downturn, making asset security all the more critical.
By aligning with a trusted crypto custodian like Ledger, Sotheby’s aims to provide its clients peace of mind as they navigate the world of Web3 collecting.