Christie’s, a British auction house, said on Twitter that it sold approximately $150 million in non-fungible tokens (NFT) this year. Among the artworks sold were pieces from Beeple’s EVERYDAY and HUMAN ONE series.
The figure reflects the level of interest in the NFT domain, notably from established companies and people.
The majority of the sales are due to two of Beeple’s artworks. The first was the EVERYDAYS series, which fetched $69 million in March, and the second was HUMAN ONE, which fetched $29 million in November. Christie’s sold nearly $7 billion in artworks in total.
NFTs have had a fantastic year, with prominent auction houses such as Christie’s and Sotheby’s reporting increased NFT sales. The development demonstrates the extent to which NFTs have penetrated the incumbent art business, a reality that is growing by the month.
Christie’s just started auctioning rare NFTs with live ETH bidding, which is a first for auction houses. A piece by Andy Warhol from the 1980s is among the more high-profile NFTs that have been sold for reasons other than monetary worth.
Sotheby’s has also had a successful 2021 in terms of NFTs. A Banksy artwork sold for $12 million in the auction house’s first ETH sale. A month before announcing the establishment of an NFT marketplace, Sotheby’s auctioned off the Bored Ape NFT collection for an astonishing $24 million.
Will the year 2022 be even better for NFT sales?
NFTs are gradually gaining a foothold in the world of art auctions. Christie’s has even created an Art + Tech event to discuss how NFTs might affect the art market. In addition, the auction house has began taking cryptocurrency as payment for auctions.
Such discoveries point to a bright future for NFTs, which have received both criticism and acclaim for what they are. With the popularity of the metaverse rapidly increasing, the utility and sales volumes of NFTs are only projected to increase.
Numerous established companies, the most well-known of which is Meta, are considering entering the metaverse. NFTs have important applications in the gaming industry, which is why they are gaining so much attention. With such opportunities on the horizon, the future of NFTs appears to be rather promising.