Christie’s Ends Digital Art Department Amid Decline in NFT Trading

Christie’s has closed its digital art department, impacting the sale and integration of Non Fungible Tokens (NFTs) alongside traditional artworks. Two staff members were let go, although specialist Sebastian Sanchez remains in New York.

The closure follows a period where NFTs were prominently featured in auctions, supported by figures like Nicole Sales Giles, who emphasized the unique community engagement aspect of digital art.
NFT trading volume dropped 45% last quarter to $867 million, despite a 78% rise in sales counts to 12.5 million, according to DappRadar.
Blue chip NFT collections have seen declining floor prices, with CryptoPunks at 46.6 ETH, Bored Apes at 9.1 ETH, and Moonbirds at 2.8 ETH. Meanwhile, Ethereum rose 76% recently to $4,509.
The decision by Christie’s may indicate economic reasoning rather than a retreat, with NFTs potentially integrating more into mainstream contemporary sales.

This development suggests that without solid valuations and standards, NFTs might remain supplementary to contemporary art instead of establishing their own market.