Christies Opens Blockchain and Launches NFT Auction Platform Built on Ethereum

Christies Opens Blockchain and Launches NFT Auction Platform Built on Ethereum ...

Christie''s, the 256-year-old British auction house, has launched an online auction platform for non-fungible tokens (NFTs). Manifold.xyz, a crypto research firm, and Statial have both created the 3.0 platform. Christie''s has been dabbling in the NFT sector for a while now and has conducted a slew of NFT auctions in the past.

All transactions will be recorded on the Ethereum blockchain for the duration of each auction on this platform.

Christie''s 3.0 strengthens our ability to connect clients to the best of the NFT market right now via a sophisticated and secure blockchain-native platform for sales, according to the auction house.

The first time the world''s largest auction house to include complete on-chain sales is by introducing Christie''s 3.0Built from the ground up with three top producers in the Web3 industry @manifoldxyz, @chainalysis, and @spatialxr. (1/4)https://t.co/3zcQxNtBLy

Christie''s, which is planning to celebrate the launch of its new platform, has listed nine NFTs created by Diana Sinclair as the inaugral digital collectibles to be auctioned.

In November 2021, the auction house had partnered with OpenSea''s NFT marketplace to facilitate the sale of digital collectibles.

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Christie''s had organized a sale of HUMAN ONE, a futuristic artwork by American digital artist Mike Winkelmann, known as Beeple.

Christie''s had planned a cryptocurrency auction for some of the oldest NFTs ever, and organized live bids in Ether (ETH).

The NFT market will have a $231 billion (roughly Rs. 18,41,300 crore) behemoth by 2030, and it is too big a business to be ignored, according to Tarusha Mittal, the CEO of UniFarm and co-founder. UniFarm is a multi-token reward staking program.

NFTs have proved to be a powerful business tool for many large businesses.

A total of $260 million (roughly Rs. 2,074 crore) has been combined with high-end luxury brands including Nike, Gucci, Dolce, and Gabbana with the sales of their NFT items.