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Christie's, a luxury auction house, is opening an on-chain platform for non-fungible token (NFT) art, making it the first global auction to do so. The new platform, Christie's 3.0, was developed in collaboration with the metaverse creator Spatial, NFT minting platform Manifold, and blockchain data company Chainalysis. It will use the Ethereum Blockchain for the whole auction process, including all pre and post-sale transactions. https://twitter.com/ChristiesInc/status/1574794644642304007
Christie's On-Chain NFT Token Art Platform
On September 28, the platform held its first sale, featuring nine NFTs from Diana Sinclair's "phases" collection. A solo show at Christie's New York will run concurrently with the online auction.
"We recognize and bring young emerging artists to an international and digitally savvy market," Christie's said.
Director of digital art sales at Christie's, Nicole Sales Giles, highlighted the importance of online shifting the entire auction process. According to the brand's representatives, after considering regulatory measures, such as anti-money laundering and sales tax, Christie's has designed an inclusive solution where veteran and new NFT collectors feel confident trading with Christie's 3.0. Since the early 2021 digital asset boom, the 255-year-old luxury auction house has supported the sales of NFTs. Sotheby's and other auction houses have recently adopted NFTs to connect the fine art and digital art worlds. In October, Sotheby's launched its NFT platform, dubbed Sotheby's Metaverse, and has since published six NFT collections.