Christie’s, the world’s leading auction house, announced today that it will venture into new auction territory. Christie’s will be the first of its kind to auction off a large number of NFTs using live Ethereum bidding. The auction will be focused on Art Blocks Curated, a growing NFT series that has joined the ranks of some of the most sought-after NFTs to date.
Let’s take a look at what we know so far based on recent news.
Christie’s: Making History
Recently, we’ve seen an increase in the number of NFTs sold at auction on premier auction platforms like Christie’s and Sotheby’s. Christie’s, of course, made headlines earlier this year when it sold Beeple’s “Everydays: The First 5,000 Days” for $69 million. Furthermore, the auction house has expanded “Christie’s Encrypted,” a section dedicated to NFTs.
The auction house announced in a tweet on the official Christie’s Twitter that Art Blocks Curated: Sets 1-3 will be sold at an October auction. The sets will be auctioned off as part of a larger ‘Post-War to Present’ series. It’s also worth noting that “bidding for this lot will be conducted live in ETH – a first for any major auction house.”
We’ve seen CryptoPunks go up for auction on major auction sites with bidding that accepted ETH payments, but this listing appears to be the first time that live bidding will be ETH-first.
Newcomers to the ArtBlock
We just finished a high-level primer on Art Blocks a few weeks ago. They have maintained their position since then. Art Blocks has sold over $500 million in the last thirty days, securing a firm position atop the NFT charts in terms of sales volume – second only to Axie Infinity.
Many NFT projects are now following in the footsteps of Art Blocks, which pioneered a wave of generative art. Chromie Squiggles is one of the most well-known NFTs under the Art Blocks umbrella. Squiggles are part of Art Blocks’ Curated subset, and will most likely be featured in Christie’s upcoming listing next month. As we discussed in the primer, Squiggles has emerged as the most prominent face of Art Blocks.
Art Blocks is likely to be the first of many more auctions for Christie’s that will be Ethereum-first in terms of bidding. What an opportune time for NFTs.