Christie closes the digital art department while the NFT Market will remain frozen
Christie closed its digital art department, ending a short life but influential experiment saw non -fungible tokens (NFTS) Have a place next to paintings, sculptures, and other works of auction house sales, according to a report From now on media.
Two staff were released at the end of August, including digital art president Nicole Sales Giles, while specialist Sebastian Sanchez will remain in New York.
Giles played a well -known role in the Christie’s Art+Tech Summit in Hong Kong last year, which ran beside Hong Kong Fintech Week.
Giles became a well -known face of Christie’s digital push, especially at the Art+Tech Summit in Hong Kong last year, running next to Hong Kong Fintech Week.
There he argued that Christie brought the same NFT appreciation discipline as it did in paintings or sculptures, but there was a critical difference.
“What is unique to digital art is the aspect of community relationships, which plays completely in a way that is never included in traditional art,” he said at that time.
Others at the summit recognized that the category was still far from the elderly.
“I don’t think at the moment we have a very standard understanding of the (Digital Art’s) value,” Angelle said-Le, Director of Art Basel Hong Kong last year. “That’s why you see so much in all sudden releases, and then that excitement is clearly created. That riot created that awareness. And now from here to the next stage … How do we align the standards of values?”
One year later, numbers show how big that foundation is.
NFT trading volume fell 45% last quarter to $ 867 million, although sales numbers rose 78% to 12.5 million, According to Dappradar.
Floor Prices for Blue Chip NFT collections were slipped properly below their climax levels: Cryptopunks Goods around 46.6 eth ($ 210,000), Bored apes Hover to 9.1 eth ($ 41,000)and Moonbirds Sit in 2.8 eth ($ 12,600). By contrast, the Ethereum itself has rallied at 76% in the last three months to $ 4,509, which exceeds the NFT market.
In X, some observers argue that Christie’s decision reflects the simple economies rather than capitulation, noting that NFTs are increasingly absorbed into the major sales of contemporary instead of treated as a separate “collected” category.
The contraction by Christie’s hints that without appreciation for clearer and clearer standards, the risk of NFTs remains an add-on to contemporary art than maintaining a market of themselves.
