Global Auction Giant Christie’s Adopts On-Chain NFT Auction
- Christie has collaborated with blockchain firms to add new features to its marketplace.
- Christie’s 3.0 technology allows NFTs to operate totally within the ETH network.
Christie’s has already made a significant impact in the NFT field. The legendary auction house is now completely adopting Web3’s decentralized concept by introducing a new marketplace where auctions are held on the public Ethereum blockchain.
The 256-year-old British auction house, which is also the world’s second-largest auction house by fine-art auction revenue, claimed that its “Christie’s 3.0” technology enables NFT auctions. To be perform entirely on the ETH network from start to finish. And that all transactions, including post-sales, are automatically record on the blockchain.
Christie’s Partnerships and NFTs Auction
Christie’s new platform was develop in partnership with Manifold, a firm specializing in smart contracts, or the code that enables NFTs and other decentralized apps. Christie’s has also collaborated with blockchain analytics startup Chainalysis and metaverse platform Spatial to provide new features to its marketplace.
The first ever global auction house to host fully on-chain sales: introducing Christie’s 3.0
— Christie’s (@ChristiesInc) September 27, 2022
The announcement was accompanied by the launch of a single project by artist Diana Sinclair that is exclusive to the new marketplace and features only nine NFTs. That can view in an online virtual gallery constructed by Spatial.
Nicole Sales Giles, Christie’s director of digital art sales, said that the purpose of shifting the entire process to on-chain is to prevent money laundering and sales tax. They have devised this solution for both seasoned and new collectors to feel confident in interacting with Christie’s 3.0.
Christie’s has had significant success in the last NFT auction, which is Beeple’s “Every day’s – The First 5000 Days.” Which was mint and sold in March 2021 for an all-time high of $69.3 million. Sotheby’s, a rival auction house, is also interest in Web3 and NFTs, launching its metaverse in October 2021. And selling a series of high-priced NFTs.