Christie’s, which is known for being open to digital art, has taken another step into the world of non-fungible tokens (NFTs).
Christie’s has started a new NFT platform called Christie’s 3.0. Buyers will be able to connect their wallets and bid on NFTs without going through a middleman. In this way, it will work the same as NFT markets like OpenSea.
The first art auction house to hold on-chain sales is Christie’s. Starting today (Sept. 28), Christies 3.0 will hold its first sale, which will run through Oct. 11.
NFT artist is most influential people in the NFT World
Nine NFTs created by 18-year-old artist Diana Sinclair, who was listed among the 50 most significant persons in the NFT industry by Fortune in 2021, will be available in the first sale. Diana Sinclair’s “Phases” series of nine NFTs will be featured in the platform’s first auction.
Christie’s Auction process goes online
NFTs have previously been auctioned off by Christie’s, such as the Beeple piece Everydays: The First 5,000 Days, which fetched $69.3 million in March 2021.
Although the artwork was initially bought in US dollars and then converted to ether (ETH-USD) for the “onchain” NFT transaction, prior NFT sales were not normally truly “on-chain.”
The entire transaction procedure will be fully documented on the Ethereum blockchain in the Christie’s 3.0 NFT marketplace.
The action has been welcomed as a significant step toward the widespread adoption of cryptocurrency-based art markets.
Director of digital art sales at Christie’s, Nicole Sales Giles, highlighted the importance of shifting the full auction process online. “We have designed an inclusive solution where both veteran and new NFT collectors may feel confident in trading with Christie’s 3.0 by combining regulatory measures, such as anti-money laundering and sales tax.”
Sothebys and other auction houses have recently adopted NFTs in an effort to close the gap between the fine art and digital art spheres. Sotheby’s launched its own NFT platform, Sotheby’s Metaverse, in October and has since published six NFT collections on it.
The Ethereum “Merge”
The Ethereum Merge, reduced the energy consumption of the blockchain by more than 99%.
The NFT space has been quiet since the start of a crypto winter over the first two quarters of 2022. The recent “Merge” made Ethereum trading far more environmentally friendly, which was a key draw for consumers who would have held off on collecting owing to Ethereum’s negative environmental effects. This led Christie’s to decide to offer Christie’s 3.0 immediately. Despite expectations that it would signal a turning point in the crypto winter, the Merge has so far only had a little impact on Ethereum’s value.
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