Christie’s first quarter of 2019 saw a huge spike in the sale of blockchain-powered collectibles. Collectible game NFTs, or non-fungible tokens, were hit especially hard by this trend and are expected to continue driving revenue for this category.
Christie’s net $150 million in NFT sales dominated by Beeple. The “nft sold for $60 million” is a cryptocurrency that was created on the Ethereum blockchain and is only available through an online exchange.
The NFT area has fared incredibly well this year, without a question. According to a recent Sotheby’s study, NFT auctions brought in roughly $100 million for the conventional auction house in 2021.
Christie’s, a conventional auction house, recently stated on Twitter that the total value of all of its sales in the sector this year is $150 million.
Christie’s made a profit of $150 million on non-fiction sales.
The EVERYDAY series and HUMAN ONE, according to available data, accounted for the majority of all Beeple artwork sales. The EVERYDAY series was a critical and commercial success, selling for $69 million in March. In November, the other NFT, HUMAN ONE, was sold for $29 million.
From the above, it’s easy to assume that these big transactions were a result of the high level of interest in the market this year, especially among affluent people and institutional investors. The auction house’s large sales reflect the degree to which NFT has succeeded and broken into the contemporary art market.
According to publicly available information, Christie’s British auction house started providing rare NFT auctions not long ago and welcomed the second-largest crypto-asset by market capitalization, ETH, for live bidding. One of Andy Warhol’s paintings was among the significant works of art sold using this approach.
Christie’s, on the other hand, sold nearly $7 billion worth of art via its auction house this year.
Auction houses and non-profits
Many of the world’s most prestigious auction houses have already invested in blockchain technology, indicating that NFTs are progressively taking over the world of art auctions.
Christie’s enthusiasm has led to the organization of an Art + Tech symposium to look at how NFTs may affect the art sector. It has also begun to accept cryptocurrency payments at auctions as part of its crypto journey.
As we previously noted, Sotheby’s has made significant headway in its NFT quest, auctioning digital tokens while also accepting these crypto assets.
All of this demonstrates that the space in this historic setting still has a bright future.
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“NFT auction house” is an online platform that allows users to buy and sell digital assets. The company Christie’s has made $150 million in net sales from NFTs. Reference: nft auction house.
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