Christie’s Finally Goes On-Chain With New Ethereum NFT World market

Christie’s_Finally_Goes_On_Chain_With_New_Ethereum_NFT_World_market

Christie’s has already made a mark in the NFT market, selling Beeple’s “Everydays: The First 5,000 Days” for $69.3 million in March 2021. The storied auction house is now fully embracing Web3’s decentralized ethos by launching a new marketplace in which auctions take place on the public Ethereum blockchain.

The newly launched Christie’s 3.0 marketplace is designed to record all transactions on the Ethereum blockchain. The 256-year-old auction house asserts that it provides additional compliance and tax-related resources.

The new Christie’s platform was developed in cooperation with Manifold, an early-stage company that specializes in smart contracts, the software that underpins NFTs and other decentralized applications. Christie’s has also partnered with the blockchain analytics company Chainalysis and the metaverse platform Spatial to add additional functionality to its marketplace.

While the media has covered some Christie’s NFT auctions in the past, the transactions themselves have not always taken place on-chain. This would provide greater transparency into the wallets used and the flow of payments. Christie’s 3.0 modifies this approach by introducing on-chain transactions in a manner similar to that of marketplaces like OpenSea and Rarible.

Nicole Sales Giles, director of digital art sales at Christie’s, said in a news release that the new market “will give the public the chance to collect exceptional NFTs the way they were meant to be traded, on-chain.”

However, Christie’s will continue its emphasis on curation rather than allowing anyone to list their artwork or collectibles. For the opening of the marketplace, Christie’s is only offering one exclusive project: a set of nine NFTs by Diana Sinclair, an artist who works in many different mediums.

Christie’s main competitor in high-end auctions, Sotheby’s, is also a big player in the NFT world. Last October, Sotheby’s launched its Sotheby’s Metaverse NFT marketplace, and it has also held high-profile NFT auctions in the real world.

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The post Christie’s Finally Goes On-Chain With New Ethereum NFT World market appeared first on NFT News Pro.



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