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The world's largest art auction house is about to close its NFT division.
Christie’s, the largest art auction house in the world, has just announced the closure of its digital art department – which was once associated with many NFTs. In 2021, Christie’s made global headlines by selling an NFT collection worth 69 million USD, thereby contributing to the phenomenon of this technology in 2022.
According to the statement, Christie’s will no longer hold separate auctions for NFTs but will include them in the category of "20th and 21st Century Art." This decision reflects a strategic shift as the NFT market loses its appeal within the art world, although there are still other applications in the Web3 ecosystem.
Although confidence in NFTs has waned, recent data shows that transactions of top collections have still increased by nearly 90% in 24 hours, indicating that this sector has not completely declined.