NFT sales at Christie’s are down 96% from last year

Christie’s sold only 87 NFT in 2022 for a total of $5.9 million. Review by Crypto-Upvotes experts

NFT sales at Christie’s are down 96% this year. The auction house sold more than 100 NFTs worth more than $150 million in 2021 and only 87 items worth $5.9 million in 2022.

In 2021, the most expensive lots of Christie’s were the works of American artist Michael Winkelman, known under the nickname Beeple. NFT-painting “Every Day: the first 5 thousand days” was sold in March for $ 69.4 million. And an animated 3d-image of an astronaut called HUMAN ONE left the auction in October of the same year for $ 28.8 million.

The NFT sculpture by Turkish-born media artist and filmmaker Refik Anadol was the most expensive lot of 2022. Living Architecture: Casa Batlló, which sold in May for $1.38 million.

Despite the decline in digital art sales. Christie’s continued to be active in web3 and NFT in 2022. The company created a venture capital fund, which on July 18 made its first investment in the startup LayerZero. This campaign specializes in blockchain interoperability.

Our experts also note that in September Christie’s launched its own NFT trading platform called Christie’s 3.0. The platform is based on the Ethereum network. Also now all payments are accepted in cryptocurrency and they include post-sale transactions (payment of commission and taxes).

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Christies auction house launched its own NFT-marketplace

Christies platform will conduct full auctions. Which will include post-sale transactions, on Ethereum blockchain

Auction house has launched its own NFT-marketplace called Christies 3.0. The platform will run on the Ethereum network. Auctions will be conducted entirely using blockchain technology, according to their website.

Previously, one of oldest auction houses has already repeatedly conducted sales of NFT-artworks. Throughout 2021, it sold nearly $150 million worth of NFT at its auctions. Payments for digital works of art were made in Ethereum. And the trading house received commissions in traditional ways, in fiat currencies.

Our experts noticed to participate in auctions on Christies  3.0 platform. A new user will need to connect an existing cryptocurrency wallet. Of cryptocurrencies auction site accepts only Ethereum for payment. Taxes will also be accrued in ETH.

Remind that in March 2021, an electronic picture of a modern artist Beeple. And NFT token attached to it was sold at Christie’s auction for a record $69.35 million. Artwork of artist became the first lot in history of Christie’s auction house, which was sold for cryptocurrency.

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