Christie's Exits NFT Market After $69M Beeple Sale
Christie's Ends Dedicated NFT Sales
Christie’s, a leading global art auction house, is closing its digital art division, effectively ending its dedicated focus on NFTs. This move comes after the institution played a pivotal role in popularizing NFTs with a landmark $69 million auction in 2021.
While Christie's may still offer NFTs within its broader "20th and 21st Century Art" category, the future of these sales is uncertain.
Art World's Shifting Stance on NFTs
The NFT market experienced significant growth in 2022. Although there have been smaller resurgences, the initial excitement surrounding NFTs as a primary art form has waned. Christie's decision reflects this shift.
"Christie’s has made a strategic decision to reformat digital art sales. The company will continue to sell digital art within the larger 20th and 21st Century Art category," the institution stated.
Christie's played a crucial role in the NFT surge, with the $69 million sale of an NFT collection marking a turning point. This sale fueled the NFT boom in 2022, prompting Christie's to launch an on-chain auction platform.
While recent data shows a nearly 90% increase in trading volume for top NFT collections, these figures don't necessarily translate to sustained interest from the traditional art world.
Beyond Market Caps: Art World Sentiment
Despite past enthusiasm from artists and creators, the NFT art narrative has lost momentum. The art world appears to be moving in a different direction.
Christie's exit raises questions about the long-term viability of NFTs as a mainstream art form. The departure of a major institution could signal a broader decline in the NFT art market, suggesting a potential slowdown even if the technology continues to exist in other forms.
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