Inspired by successful NFT sales, the prestigious auction house Christie’s launched a blockchain platform to carry out auctions and sales on Ethereum “from start to finish”
Christie’s auction house has launched a proprietary dedicated NFT “on-chain auction platform” on the Ethereum network. So-called Christie’s 3.0 allows the British auction giant to conduct NFT auctions on the ETH network “from start to finish”.
The brand new marketplace was developed in partnership with NFT smart contract development startup Manifold, metaverse development firm Spatial and blockchain analytics firm Chainalysis. Blockchain technology will automatically record all transactions, including post-sale. The payments will be made in Ether (ETH).
The announcement went along with the inaugural launch of the project exclusive to the new marketplace by artist Diana Sinclair. It features nine NFTs available in an online virtual gallery built by Spatial.
Previously, Christie’s conducted a legendary auction where the “Everydays” collage by Mike Winkelmann, a graphic designer also known as Beeple, was sold for $69 million. In 2022, NFT sales declined along with the crypto market in general. However, the British auction house still managed to collect $1.6 million from the sale of NFTs by Beeple, Mad Dog Jones, and other artists.
Although Christie’s Web3 interest was inspired by numerous high-worth NFT auctions, it went further. For instance, in July the centuries-old auction house launched a venture fund aimed at supporting “art-related financial products and solutions” in Web3. Its initial investment went to LayerZero Labs, a company building dApps compatible with multiple blockchains.