What's Happening?
Christie's has announced the closure of its digital art department, which was established to focus on NFT sales. The decision comes as the NFT market experiences a downturn, with sales failing to reach previous heights. Despite the closure, Christie's will continue to sell digital art within its broader 20th- and 21st-century art category, maintaining its blockchain-based platform, Christie's 3.0.
Why It's Important?
The closure of Christie's digital art department reflects broader market trends and challenges within the NFT sector. It highlights the volatility of digital art markets and the need for auction houses to adapt their strategies. This development may influence the future of digital art sales and the integration of NFTs into traditional art markets.
