1stDibs launches non-fungible token platform

UK digital artist Metageist’s SarraceniaVortex will be featured at 1stDibs’ first NFT exhibition.

Metagist, courtesy of 1stDibs

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The 20-year-old e-commerce company 1stDibs, which sells luxury items such as antiques, designs, fine art, jewelry and fashion, launched a platform for non-fungible tokens on Wednesday. (NFT), coinciding with its first earnings report after its IPO in July.

Conceived and led by CEO David Rosenblatt, 52, who was previously CEO of online marketing company DoubleClick, which was acquired by Google in 2007 for $ 3.7 billion, the NFT platform will take a focused approach. on technology to organize and create NFT offerings and related content, the company said.

“As a technology leader, the introduction of NFTs into our offering is a natural alignment for us, and the auction-style platform we revealed today reflects our investment in the NFT movement and the future. of the art market, ”said Rosenblatt. said in a statement.

The invite-only seller market will hold bi-monthly auctions in the initial phase, 1stDibs said.

The first exhibition, titled “Portals”, is curated by British digital artist Lee Mason, known professionally as the Metageist. It features the digital works of 10 artists from around the world, including AL Crego, a veteran digital artist from Spain; Marc-O-Matic from Australia; and Lucas Aguirre from Argentina.

“I chose the theme ‘Portals’ to represent the threshold of two worlds. For some time now, there has been an underlying bubbling of immersive digital spaces to grow, learn and discover, ”Metageist said in a statement. “It accelerated in the wake of Covid-19, which saw the world transition to a digital existence and the emergence of a virtual arts world via blockchain technology. ”

In the second quarter, 1stDibs net revenue increased 29% year-on-year to $ 24.7 million, while gross profit increased 33% to $ 17.4 million, the company reported on Wednesday.

“We are excited about the opportunity that lies ahead, as luxury design continues to move online,” Rosenblatt said on the call for results. “In addition to the secular digital transition, we have an ambitious roadmap and are investing in multiple growth opportunities.”

The company’s shares edged down 2.07% on the trading day to close at US $ 17.51 ​​per share.

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