The venerable auction house is teaming up with non-fungible token (NFT) marketplace OpenSea to host a series of curated auctions.
Christie’s is expanding its presence in the digital art market by announcing plans to hold on-chain NFT auctions on the world’s most popular marketplace.
The auction house announced on Nov. 24 that the first “Christie’s X OpenSea” auction will begin on Dec. 1. It will be available for browsing until December 3, and bidding will begin on the fourth and last until the seventh.
NFTs have made a significant progress.
The collaboration will enable the Ethereum network to be used for bidding and payments. Christie’s Head of Digital and Online Sales Noah Davis and curator Ronnie Pirovino curated the first collection, which features a “cutting-edge selection of collectibles.” It will also be supported by NFT Now, the NFT news and analytics platform.
Andre Oshea, Alpha Centauri Kid, Ash Thorp, Baeige, Blake Kathryn, DotPigeon, EtherRock, FriendsWithYou, Fvckrender, GMUNK, Joshua Davis, KESH, Krista Kim, Maciej Kuciara, Mad Dog Jones, Olive Allen, Oseanworld, Recur, Tom Sachs, Victor Mosquera, and WhIsBe are among the artists featured.
Selected works from the sale will be on display at “The Gateway” during Art Basel Miami Beach, a sensory experience in downtown Miami featuring music and art in celebration of a new era of NFT innovation.
Noah Davis stated in a press release:
“Through this collaboration, we are boldly bringing the Christie’s brand onto the blockchain.” Our partnership with OpenSea enables us to combine our expert curation and prestigious provenance with the ease of decentralization.”
He added that he hopes this marks the start of a new era for Christie’s NFT sales.
Christie’s sold its first NFT, the record-breaking “Everydays: The First 5000 Days” by Beeple, for $69 million in March.
In addition, OpenSea received $23 million in venture capital funding in March from participants including Andreessen Horowitz and billionaire investor Mark Cuban.
Markets are dominated by OpenSea.
OpenSea is the industry’s dominant NFT marketplace. Over the last 30 days, more than $1.67 billion in volume has been processed on the platform, according to DappRadar. Its daily volume is currently around $70 million.
According to Cryptoslam, Axie Infinity is still the most popular NFT collection in terms of sales, with $171 million moved in the last week.