Christie’s has launched a new NFT platform called Christie’s 3.0, where buyers will be able to link their wallets directly and bid on NFTs. This way, it will work like NFT marketplaces like OpenSea.
Sotheby’s, a competitor to Christie’s, has a market for NFT, but has so far had largely mixed results.
“We don’t see Christie’s 3.0 replace placing very high-caliber NFTs in traditional evening sales or anything like that,” said Nicole Sills Giles, director of digital art sales at Christie’s. ARTnews.
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Last July, she replaced Noah Davis when he left for Yuga Labs, the parent company of Bored Ape Yacht Club and CryptoPunks. Giles has worked with Christie’s Contemporary Art Department for ten years and began working at NFTs after Christie’s famous Beeple sale in 2021.
“This is a platform for us to scale our digital art offerings more quickly, do more frequent auctions for emerging artists, and work with a more diverse group of artists and collectors,” she said.
Christie’s inaugural auction 3.0 will feature works by 18-year-old artist Diana Sinclair, who was recently signed with United Talent Agency. Sinclair’s short video works are valued at 6-8 ETH, or about $7,990 – $106,650.
UTA also signed NFT influencer Andrew Wang, NFT artist Vinnie Hager, and several others just last August, a surprising vote of confidence given the state of the market.
After the onset of the crypto winter during the first two quarters of 2022, the NFT space has been quiet, but according to Giles, the timing isn’t that bad. She said that Christie’s has decided to launch Christie’s 3.0 now because of the merger, which has made dealing on Ethereum more environmentally friendly, a big draw for those who may be delaying the collection due to Ethereum’s environmental impact. So far, the merger has had little impact on the value of Ethereum, despite hopes that it will mark a turning point in the crypto winter.
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