Auction House Christie’s Launches Ethereum NFT Marketplace

Legendary auction house Christie’s is embracing Web3 by launching a new non-fungible token ($NFT) marketplace.

Christie’s, who long ago made its mark on the $NFT scene by auctioning off Beeple’s “Everydays: The First 5,000 Days” artwork for $69.3 million in March 2021, is now stepping further into the space by launching its own marketplace in which auctions take place on the Ethereum blockchain, simply called Christie’s 3.0. on the newly launched marketplace, buyers are able to directly connect their wallets and bid on NFTs. in such a way, it functions very similarly to other well-known marketplaces such as OpenSea. The auction says it will also provide tools for tax and compliance purposes. Christie’s said on Twitter:

We recognize and bring young emerging artists to an international and digitally savvy market. Christie’s 3.0 deepens our ability to connect clients to the best of the $NFT market now via a sophisticated and secure blockchain-native platform for sales.

The new platform was created in collaboration with Manifold, a start-up focused on smart contracts. The inaugural sale on the marketplace will be a curated auction of 9 new NFTs by artist Diana Sinclair which was created and minted specifically to launch on Christie’s 3.0. the auction of the NFTs will be open for bidding from September 28 – October 11.

Although previous $NFT auctions on Christie’s have been popular in the news, the actual transactions did not take place on-chain. Christie’s 3.0 takes care of this with on-chain transactions that are similar to those that take place on marketplaces such as Rarible and OpenSea. Director of digital art sales at Christie’s, Nicole Sales Giles, said that the new marketplace would “offer the public the opportunity to collect exceptional NFTs in the way they were meant to be transacted, on-chain.”

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.