After a series of successful high-value token (NFT) sales, Christie’s launched its own dedicated NFT “on-chain auction platform,” allowing auctions to take place entirely on-chain on the Ethereum network.
The 256-year-old British auction giant, which claims to be the world’s second-largest auction house with the best auction revenue, says “Christie’s 3.0″ will allow NFT auctions to be run entirely on the ETH network. addition.”
“All transactions, including post-sale, are automatically recorded on the blockchain.”
In past NFT auctions, the payment to the winning bidder was not always on the blockchain, but the creation of Christie’s marketplace allows transactions to take place in a fashion similar to the popular marketplace OpenSea, which allows payment in Ether (ETH). ).
According to Christie’s, the new marketplace was developed in partnership with NFT smart contract development startup Manifold, Metaverse development company Spacial and blockchain analytics company Chinalays.
Christie’s 3.0 allows for end-to-end auctions on the Ethereum blockchain network. All transactions, including post-sale, are automatically recorded on the blockchain. (2/4)
— Christie’s (@Christies Inc) September 27, 2022
The announcement coincides with the unveiling of a one-off project by artist Diana Sinclair exclusive to the new marketplace, featuring just 9 NFTs that can be viewed in an online virtual gallery created by Spatial.
Christie’s has seen huge success with NFT auctions, such as Beeple’s “Everydays – The First 5000 Days,” which was set to sell for a record $69.3 million last March 2021. Ever sold out.
At the time, the NFT sale was held in partnership with NFT marketplace MakersPlace.
The organization auctioned off nine CryptoPunks in May 2021, and the bid reached $17 million.
Related: Beyond the motivation of NFT: The need to rethink the value proposition of digital art
Christie’s Web3 interest has moved beyond NFT auctions, launching a venture fund in Web3 in July aimed at supporting “art-related financial products and solutions.”
Rival auction house Sotheby’s has shown similar interest in Web3 and NFTs, launching its own Metaverse in October 2021 and also taking part in high-value NFT sales.