Auction house Christie’s has entered into a partnership with OpenSea, which is a marketplace for non-fungible tokens (NFTs). Inspired by real-life items such as artwork, songs, and games, among others, NFTs are digital collectibles purchased using fiat currencies or cryptocurrencies. In recent days, the NFT space has seen a major boom with more people jumping on the NFT collection wagon. In August, OpenSea recorded sales volume worth $3.4 billion (about Rs. 25,320 crore) in the NFT category.
Called “Christie’s X OpenSea,” this collaborative effort will begin in December with the on-chain auction of NFTs hosted by Christie’s and hosted on OpenSea.
The coins to be offered for sale are a mix of hand-picked collectibles by Christie’s specialist and head of digital and online sales, Noah Davis, as well as crypto collector and curator Ronnie Pirovino, among others. according to information offered by Christie’s.
Works by artists like Andre O’Shea, Recur, Oseanworld, GMUNK, Ash Thorp and a host of others will be featured in this sale.
“I hope this will be the start of a new era for NFT sales at Christie’s, where amazing technology can be deployed to its full potential and facilitate the integration of even more traditional contemporary art collectors into Web3 “, said Davis, commenting on the project. Web3 is a term that refers to the decentralized future of the Internet as we know it.
The collection will be open for consultation from December 1 to December 3, while auctions will be open from December 4 to December 7.
In the third quarter of 2021, NFT’s sales volume jumped to $10.7 billion (about Rs 79,820 crore), more than eight times from the previous quarter, according to data from market tracker DappRadar.
Christie’s has gone bullish with the NFT art auction lately.
Earlier in November, Christie’s auctioned HUMAN ONE, a futuristic work of art created by American digital artist Mike Winkelmann, better known as Beeple, which sold for $28.9 million (approximately 215 crores of rupees) in New York.
NFT art is also gaining momentum in India.
Recently, Bollywood stars like Amitabh Bachchan and Salman Khan have forayed into the NFT space with the auction of movie-related NFTs and their identities.
Other Indian celebrities including Manish Malhotra and Dinesh Karthik have also sold NFTs of their cricket skits and moments.