After successfully selling high-priced nonfungible tokens (NFTs) several times, Christie’s has launched a dedicated NFT “on-chain auction platform” that enables auctions on the Ethereum network. to the fullest
The 256-year-old British auction giant, the world’s second largest auction house by fine arts auction revenue, says Christie’s 3.0 allows NFT auctions to run entirely on the ETH network “from start to finish. finish :”
“All transactions including after sales will be automatically saved in the blockchain.”
In past NFT auctions, payments from winning bidders were not always made on the blockchain. But Christie’s creation of the marketplace allows transactions to take place in the same way as the popular OpenSea market, allowing payments in Ether (ETH) ).
Christie’s said the new market was developed in conjunction with NFT smart contract development startup Manifold, metaverse Spatial developer and blockchain analytics firm Chainalysis.
Christie’s 3.0 enables end-to-end auctions on the Ethereum blockchain network. all transactions including after sales will be automatically saved on the blockchain (2/4).
— Christie (@ChristiesInc) 27 September 2022
This announcement is paired with the initial release of the only project exclusive to the new market by artist Diana Sinclair, with just nine NFTs available to view in an online virtual gallery created by Spatial.
Christie’s has had great success at NFT auctions in the past, such as Beeple’s Everydays: The First 5000 Days, which was completed exclusively for the auction house, which sold for $69.3 million in March 2021, becoming one of the NFTs. The most expensive ever sold
At that time, NFT sales were conducted in conjunction with MakersPlace, NFT Markets.
The company also facilitated an auction of nine CryptoPunk in May 2021 with nearly $17 million in winning bidders.
Related: Beyond NFT Advertising: The Need to Rethink the Value of Digital Art
Christie’s Web3 interests shifted outside of the NFT auction in July. The company has launched a joint venture fund to support “Art-related financial products and solutions” in Web3 with an initial investment to LayerZero Labs, a company that builds decentralized applications compatible with multiple blockchains.
Competitor auction company Sotheby’s has gained the same interest in Web3 and NFTs, launching its own metaverse in October 2021, and has a share of high-priced NFT sales as well.