Big surprise with NFT Christie’s 3.0: soon an auction platform on Ethereum

Christie’s is exploring new possibilities by integrating blockchain. The art auction house is entering the NFT market although the sector is still facing the bear market. Moreover, the latest news, NFT arts would not be as profitable as they were supposed to be, which prompted the players in the field to withdraw.

Christie’s, for its part, has already entered the NFT sector. As a house of sale auction, Christie’s entered the market with confidence. The house has also succeeded in selling a painting by Beeple; the famous The First 5000 Days. It was a conclusive sell, despite the fact that the market in general suffered from the bursting of the speculative bubble.

Today, Christie’s launches again, or rather rectifies the situation to become a fully-fledged player in the NFT sector. The house builds its platform, and coins its NFTs in Ethereum.

Christie’s trusts blockchain technology

On March 11, 2021, Christie’s made a sale of $69.3 million with the NFT version of the digital painting Everydays: the First 5000 Days by artist Mike Winkelmann, commonly Beeple in the artistic universe. This sale raises the NFT to number one in the list of most expensive NFTs.

This undeniable success was certainly the trigger for the art auction house, in setting up a completely “on-chain” platform. The Christie’s 3.0 platform will fully govern the storage, sale, and exchange of the house’s NFT collections.

Indeed, during the test runs, Christie’s received payment for its NFTs in fiat currency. With the new platform, the house accepts the payment of purchases by cryptocurrency, and in particular with Ethereum. In this sense, the platform fully opens its doors to financial players who prefer to operate entirely or partially on the blockchain.

The Christie’s 3.0 platform

This new on-chain space from Christie’s was developed in collaboration with metaverse company Spatial, blockchain analysts Chainalysis, and NFT Manifold’s mining platform.

The first auction session of the platform Christie’s 3.0 took place on September 28, 2022 and featured 18-year-old artist Diana Sinclair. The young woman honors the event with 9 works of art, and the auction will be until October 11.

The director of digital arts at Christie’s hopes to make this completely on-chain platform a scene of opportunities for artists wishing to invest in the NFT art sector.

She also mentioned that the platform runs entirely on the blockchain, but also takes advantage of all the necessary protections against the risks of money laundering and embezzlement.

Technical efforts accompanied by an analysis of the blockchain functionalities have been deployed for the realization of this project. Considering the current potential of NFTs art sales platforms, Christie’s 3.0 can be called number one.

Victoria

Passionate about cryptos, NFTs and more generally everything related to Blockain, I share all my advice with you on my blog! Attention, I am not an expert and what I say should absolutely not be taken as an absolute truth. I am not an investment advisor 🙂

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Big surprise with NFT Christie’s 3.0: soon an auction platform on Ethereum


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