Christie’s launched its own dedicated non fungible token (NFT) “on-chain auction platform” following successful high-priced NFT sales. It will enable full on-chain Ethereum auctions for cryptocurrency tokens.
“The first ever global auction house to host fully on-chain sales: introducing Christie’s 3.0. Built from the ground up together with three leading companies in the Web3 community @manifoldxyz , @chainalysis & @spatialxr.”
Christie’s NFT Auctions to be Carried Out Entirely on ETH Network
One Twitter user commented on Christie’s post saying “Very cool to see fully on chain processes being implemented in legacy industries. This is just the beginning.”
According to Christie’s, which has been in business for 256 years and is the second-largest auction house in the world by fine-art auction revenue, “Christie’s 3.0” allows NFT auctions to be conducted exclusively on the Ethereum network.
“Christie’s 3.0 allows for auctions to be carried out on the Ethereum blockchain network from start to finish. All transactions, including post-sale, will be automatically recorded on the blockchain,” tweeted Christie’s.
Christie’s 3.0 allows for auctions to be carried out on the Ethereum blockchain network from start to finish. All transactions, including post-sale, will be automatically recorded on the blockchain. (2/4)
— Christie's (@ChristiesInc) September 27, 2022
Holding Inaugural Sales to Launch Christie’s 3.0
The launch coincided with an exclusive launch of only one project in the new marketplace from artist Diana Sinclair, exhibiting only nine NFTs in an online gallery powered by Spatial.
“The inaugural sale is a highly curated auction of 9 new NFTs by celebrated visual artist @dianasinclair, created & minted specifically to launch Christie’s 3.0. The auction of Diana’s work will be open for bidding from 28 Sept –11 Oct.”
Related: Mastercard Launches NFTs Debit Cards
Among Christie’s past successes with NFT auctions is Beeple’s “Everyday’s – The First 5000 Days”, which sold for a record $69.3 million in March 2021, becoming one of the most expensive NFTs to date.
The NFT was sold in partnership with NFT marketplace MakersPlace at the time. In May 2021, the firm also facilitated the auction of nine CryptoPunks, whose winning bid was almost $17 million.