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Christie’s NFT Auction Leading with OpenSea fails to impress – ARTnews.com

While several auction houses and galleries are trying to launch their own NFT platforms, Christie’s is testing an alternative route. Bids closed last night in a Christie’s NFT auction that took place entirely on OpenSea, one of the leading NFT platforms, as opposed to on Christie’s own website. By tapping into the existing technical infrastructure that OpenSea has built, Noah Davis, Christie’s head of digital sales, hopes to launch the auction house in the future.

“I see no way for us to do this outside of blockchain and with the old, manual processes that we used to do,” Davis said in a pre-sale interview.

The auction runs from December 4–7. Prior to the auction, works are offered for sale at the gallery at Art Basel Miami Beach in an experience titled “The Gateway”. Christie’s worked with the team at nft now, an NFT news website, is monitoring, another move meant to woo the blue-chip auction house amid the rapidly growing NFT landscape.

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“We are marketing NFT for the crypto crowd in the future,” Davis said, adding, “This is the first time I can say that everything we did was done from the inside and not from the outside.”

“The Gateway” showcases works by NFT artists like Mad Dog Jones, who became the most expensive living Canadian artist since his work. REPLICATOR (2021) sold at Phillips for $4.1 million earlier this year. Also featured was the CyberKongz collection, a pixelated gorilla biopic NFT. Revenue from the CyberKongz collection will be donated to Virunga National Park in the Democratic Republic of Congo, which Davis describes as the “last bastion of the IRL gorillas”. NFTs by DJs like 3Lau, who also performed at the two-day “Gateway” event, were provided. In total, 25 NFTs were for sale.

Because the sale was organized by OpenSea, the NFTs were not given an estimate. Instead, following the traditional NFT auction style, Davis advises that starting bids are identical lows, “to keep values ​​at a really attractive level and invite the deepest possible bid.” body.”

Christie’s declined to disclose details of what the floor price was, or whether the auction house followed Davis’ advice. However, a look at the bidding history will show that the floor prices for the works vary widely. A Mad Dog Jones piece starts at 1.5 ETH ($6,500) and a CryptoKongz piece has one of 4.5 ETH ($19,000). Many works do not have a floor price.

In total, the sale brought in 862.5 ETH ($3.6 million). The top batch is CyberKong # 201 (2021), sold for 185 ETH ($793,400). Other best-selling items include fRiENDSiES 00001 (2021), FriendsWithYou’s AR-capable sling animated cloud, sells for 96.9 ETH ($415,600) and 3LAU WAVEFORM, a two-minute song that sold for 77 ETH ($330,200).

Results were average, compared to previous NFT sales at Christie’s. A collection of six NFTs by Art Blocks brought in $7.5 million at a Christie’s contemporary art sale in September. That same month, 14 NFTs profile pic from CryptoPunk collections , Bored Ape Yacht Club and MeeBits brought in $12.3 million.

Is the NFT market simply slowing down, no longer wowing audiences with raised eyebrows, or is the decline from Christie’s old world, diluted by the use of OpenSea, proving unattractive. for NFT buyers? In the end there can be a multitude of reasons why a sale doesn’t seem so impressive. The question now is whether Christie’s will continue to pursue similar initiatives. Prior to the sale, Davis seemed excited about the possibility of doing so, saying, “This is a huge leap of faith, and if it succeeds – and I think it will – then you can expect this is how we’re going to do things forward.”

https://www.artnews.com/art-news/market/christies-opensea-nft-sale-1234612759/ Christie’s NFT Auction Leading with OpenSea fails to impress – ARTnews.com

Yasmin Harisha

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