Trading activity in nonfungible tokens, which are digital artwork and collectables stored on blockchains, has decreased 97% after reaching a record high in January of this year. Data from Dune Analytics shows that they dropped from $17 billion at the beginning of 2022 to just $466 million in September.
The rapidly tightening monetary policy is depriving risky assets of investment flows, contributing to a larger $2 trillion wipeout in the cryptocurrency market.
However, the above-mentioned market conditions have not impacted Christie’s auction house from introducing a digital auction house for NFTs. Following a number of profitable high-priced non-fungible token (NFT) sales, Christie’s has introduced its own specialized NFT “on-chain auction platform,” enabling auctions to be conducted entirely on-chain on the Ethereum network.
They have developed this auction house by collaborating with NFT smart metaverse development firm Spatial, contract development startup Manifold, and blockchain analytics firm Chainalysis.
The prestigious British auction house is the second-largest in the world after Sotheby’s. The prestigious British auction house is the second-largest in the world after Sotheby’s. Sotheby’s also has similar interest in NFTs; it established its own metaverse in October 2021 and actively conducted the sale of some expensive NFTs.
They say that Christie’s 3.0 technology enables NFT auctions to be performed exclusively on the ETH network. So, every transaction, even those made after a sale, will be immediately on the blockchain. With the creation of this Ethereum-based auction house, Christie’s will be able to record transactions in a manner similar to that of NFT marketplace Opensea.