Christie’s launches on-chain platform for NFT auctions

Auction house Christie’s has launched a new blockchained-based platform to hold NFT auctions.

The new platform, Christie’s 3.0, was opened and held its first auction on September 28, featuring nine pieces of NFT artwork by 18-year-old artist Diana Sinclair. New York-based Sinclair was listed by Fortune as one of the 50 most influential people in the NFT space. Bidding is open from September 28 to October 11.

The Ethereum-based platform was developed in collaboration with NFT issuance platform Manifold, blockchain analytics company Chainalysis and metaverse firm Spatial. 

Nicole Sales Giles, director of digital art sales at Christie’s, said that with the launch of the on-chain platform, Christie’s continues to be the venue for collectors to discover the best artworks of the emerging NFT category.

“I am delighted to be able to work with such inspiring digital artists – as well as a remarkable Christie’s team – to offer the public the opportunity to collect exceptional NFTs in the way they are meant to be transacted, on-chain. By incorporating regulatory tools, such as anti-money laundering and sales tax, we have built an inclusive solution where both veteran and new NFT collectors can feel secure in transacting with Christie’s 3.0,” Giles said.

Traditional auction houses have recently taken steps to gain a foothold in the NFT market. In a partnership announced in November 2021, Christie’s said it would put its NFT art collection up for sale on leading NFT marketplace OpenSea.

Its competitor Sotheby’s embarked on NFT auctions in April 2021, with the sale of anonymous digital artist Pak’s NFT art collection, Fungible Open Editions, generating about US$17 million in three days.

Six months later, the company launched its own platform, Sotheby’s Metaverse, to handle selected NFT collections. It accepts bids on Ethereum for physical works by renowned artist Banksy and sells over 100 pieces of the popular NFT collection Crypto Punks.