Source | CNBC
Why Auction House Christie’s Jumped Into This Wild Market
Non-fungible tokens, or NFTs, are the hottest craze in the art market today, though they can seem to be backed by little more than cryptocurrency-fueled mania. The owners of artwork sold through an NFT generally don’t have a physical piece of artwork, beyond what they can print out. Still, NFTs are revolutionizing a corner of the market, and selling for serious valuations.
The industry’s biggest moment came this month when an artist named Beeple sold a digital collage backed by an NFT called “Everydays: The First 5,000 Days” through Christie’s for $69 million, after opening bids had started at $100. The price itself was shocking, but it was also notable that this new industry had been fully embraced by an institution associated with the rigid protocols and hushed tones of a traditional auction house.