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Christie’s goes on-chain with a new NFT marketplace

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  • After hosting several successful high-ticket NFT auctions, respected auction house Christie’s has just announced in a press release shared with NFT that now Christie’s 3.0 is launching.
  • This new platform will enable the legacy auction house to conduct fully on-chain NFT sales — ensuring that “all transactions — including post-sale processing — will be automated and on-chain,” said Christie’s Director of Digital Art Sales Nicole Sales Giles. Now an interview with NFT.
  • This announcement comes in the wake of Ethereum Merge, which reduced the Ethereum blockchain’s energy consumption by more than 99 percent.
  • Manifold, Chainalysis and Special have teamed up to create Christie’s new on-chain marketplace. Scheduled for the platform’s inaugural sale are nine NFTs by Diana Sinclair, one of the hottest young artists in the NFT space.

Why is this important?

While it’s not yet clear whether Christie’s 3.0 will turn into a fully on-chain NFT marketplace — which hosts images of NFT art pieces on the blockchain — the launch of Christie’s 3.0 is set to make the auction house an even more important player in the NFT landscape. . Why? This move will add an important advantage to NFT sales transacted through the blockchain compared to sales executed on the Web2 platform: transparency.

Every transaction surrounding an NFT sale conducted at Christie’s 3.0 will be automatically registered on the Ethereum blockchain. In practice, this will enable “auctions to run from start to finish on the Ethereum blockchain network,” according to a press release now shared with nft. Thanks to this, creators of high-ticket NFTs auctioned on this new platform will be able to track exactly where their valuable NFT works ended up.

what next

Of course, it would only make sense to pair the announcement of this new marketplace with an inaugural sale Nine new NFT pieces by crypto art superstar Diana Sinclair lead Christie’s 3.0 launch. A firm believer in how “the next renaissance will grow from the intersection of art and technology,” read the press release, Sinclair will serve as a fitting ambassador for Christie’s’ Web3-forward future.

With this launch, Christie’s hopes to pave a path for more young artists to enter the NFT space as frictionlessly as possible. “We hope to create a platform where collectors can discover and collect the best digital artworks by the most sought-after artists. Christie’s 3.0 will enable us to scale digital arts programming and work with more emerging digital artists to amplify their voices on the Christie’s stage,” said Sales Giles.

With the recent Ethereum merge, that lofty goal feels significantly within reach. Speaking about the timing of Christie’s 3.0 launch, Sales Giles commented, “Consolidation was a very important milestone for the Ethereum network. Ushering in a new era of stability and transaction speed, Merge allows both senders and buyers to […] Excited. While we’ve been developing Christie’s 3.0 for some time, given these benefits, we felt the time was right to launch.”

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