The new marketplace allows the prestigious auction house to carry out auctions and sales on the Ethereum blockchain “from start to finish.”

After a series of successful high-priced nonfungible token (NFT) sales, Christie’s has launched its own dedicated NFT "on-chain auction platform," allowing auctions to be carried out fully on-chain on the Ethereum network.

The 256-year-old British auction giant, which is also the second-largest auction house in the world by fine-art auction revenue, said its “Christie’s 3.0” allows for NFT auctions to be conducted entirely on the ETH network “from start to finish.”

All transactions, including post-sale, will be automatically recorded on the blockchain.

In its past NFT auctions, the payments from the winning bidder were not always conducted on a blockchain, but the creation of Christie’s marketplace allows transactions to occur in a fashion much like the popular marketplace OpenSea, allowing for payments to be made in Ether (ETH). 

Christie’s said the new marketplace was developed in partnership with NFT smart contract development startup Manifold, metaverse development firm Spatial and blockchain analytics firm Chainalysis.

The announcement was paired with an inaugural launch of only one project exclusive to the new marketplace by artist Diana Sinclair, featuring just nine NFTs which can be viewed in an online virtual gallery built by Spatial.

Christie’s has seen major success with NFT auctions in the past, such as Beeple’s “Everydays - The First 5000 Days,” which was minted exclusively for the auction house selling for a record $69.3 million in Mar. 2021, becoming one of the most expensive NFTs ever sold.

At the time, the sale of the NFT was conducted in partnership with NFT marketplace MakersPlace.

The firm also facilitated the auction of nine CryptoPunks in May 2021 with the winning bid coming in at almost $17 million.

Christie’s Web3 interest has moved outside of NFT auctions, in July it launched a venture fund aimed at supporting “art-related financial products and solutions” in Web3 with its initial investment going to LayerZero Labs, a company building decentralized applications compatible with multiple blockchains.

Rival auction house Sotheby’s has taken a similar interest in Web3 and NFTs, launching its own metaverse in Oct. 2021 and having its share of high-priced NFT sales also.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin price hears jingle bells rolling in

Bitcoin price hears jingle bells rolling in

BTC is popping higher this Tuesday morning in the ASIA PAC session as Chinese markets spurt higher. After the social unrest over the weekend and on Monday, markets are taking a turn as the Chinese government comes with more easing policy guidance and commits to speed up the vaccination rate. Markets are rallying as another supply chain glut is to be avoided, and inflation forces should decrease a bit further, triggering a rally in BTC that could continue into Christmas.

More Bitcoin news

Binance price shows promising support that could bring $400 onto quote board

Binance price shows promising support that could bring $400 onto quote board

Binance jumps over 3% as China sentiment flips into risk-on. Buyers blowing up the demand side with a bounce off a technical moving indicator.

More Binance news

Can XRP price kick-start 30% upswing if China removes zero-Covid restrictions?

Can XRP price kick-start 30% upswing if China removes zero-Covid restrictions?

XRP shows that it is taking its sweet time to overcome and sustain above a crucial resistance level. If successful, it could catalyze a quick run-up.

More Ripple news

Solana price set to gear up for Dominica coming online with cryptocurrency

Solana price set to gear up for Dominica coming online with cryptocurrency

Get set for the Commonwealth of Dominica to introduce a new coin. SOL should see a positive tailwind from the Tron network rolling out the Domnica Coin.

More Solana news

Bitcoin: Assessing chances of one last bear market rally for 2022

Bitcoin: Assessing chances of one last bear market rally for 2022

BTC is in a good place to trigger another bear market rally from a high-time frame perspective. This development, combined with the optimistic outlook seen in on-chain metrics, further strengthens the possibility of a happy ending to 2022.

Read full analysis

BTC

ETH

XRP