Following a string of successful high-priced non-fungible token (NFT) sales, Christie’s has launched its own “on-chain” NFT auction platform, allowing auctions to take place entirely on-chain on the Ethereum network..
The 256-year-old British auction giant, which is also the world’s second-biggest auction house by revenue from art auctions, said its Christie’s 3.0 allows NFT auctions to take place entirely on the ETH network “from start to finish”:
“All transactions, including after-sales transactions, will be automatically recorded on the blockchain.”
In its previous NFT auctions, the winning bidder’s payments were not always made on a blockchain, but the creation of the Christie’s marketplace allows transactions to occur much like the popular OpenSea marketplace, allowing payments to be made in Ether (ETH).
Christie said that The new marketplace was developed in partnership with smart contract development firm NFT Manifold, metaverse development firm Spatial, and blockchain analytics firm Chainalysis..
Christie’s 3.0 enables end-to-end auctions on the Ethereum blockchain network. All transactions, including after-sales, will be automatically recorded on the blockchain. (2/4)
—Christie’s (@ChristiesInc) September 27, 2022
Christie’s 3.0 allows auctions to take place on the Ethereum blockchain network from start to finish. All transactions, including after-sales transactions, will be automatically recorded on the blockchain. (2/4)
The announcement was accompanied by the inaugural launch of a unique project exclusive to the new market, by artist Diana Sinclair.and only nine NFTs can be viewed in an online virtual gallery created by Spatial.
Christie’s has had great success with NFT auctions in the past.like Beeple’s Everydays: The First 5,000 Days, which was minted exclusively for the auction house and sold for a record $69.3 million in March 2021, making it one of the most expensive NFTs never sold.
At the time, the sale of the NFT was carried out in collaboration with the marketplace NFT MakersPlace.
The company also facilitated the auction of nine CryptoPunks in May 2021.with a winning bid of nearly $17 million.
Christie’s interest in Web3 has moved away from NFT auctions; in July, he launched a venture capital fund aimed at supporting “art-related financial products and solutions” on Web3, with his initial investment going to LayerZero Labs, a company that builds decentralized applications compatible with multiple blockchains.
your rival, auction house Sotheby’s, has shown similar interest in Web3 and NFTs, launching its own metaverse in October 2021 and also taking its share of high-priced NFT sales.
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