Popular NFT auction house Christie’s has launched its dedicated NFT on-chain auction platform on the Ethereum network. On-chain transactions are those that have been validated or authenticated and lead to an update to the overall blockchain network.
With the launch of its own auction platform, Christie’s will now allow auctions to be carried out fully on-chain on the Ethereum network, fully embracing Web 3.0 and decentralization.
Christie’s digitalized auction platform is called Christie’s 3.0. With the launch of the new marketplace, auctions and transactions will happen as they do on popular NFT marketplace OpenSea and payments can be made in Ether.
Christie’s 3.0 was created in collaboration with Manifold, a startup focused on smart contracts. Moreover, Christie’s has partnered with blockchain analytics firm Chainalysis and metaverse platform Spatial to enable further functionality for its marketplace.
The new venture was announced via Christie’s Twitter handle and was paired with the launch of a project exclusive to the new marketplace by artist Diana Sinclair, featuring nine NFTs which can be viewed in an online virtual gallery built by Spatial.
Christie’s makes it big in NFT sales
For perspective, the British auction house is best known for auctioning one of the most expensive NFTs, Beeple’s “Everydays: The First 5,000 Days” artwork for $69.3 million way back in March 2021. Christie’s has also conducted some popular NFT sales like the auction of nine CryptoPunks in May 2021 with the winning bid coming in at nearly $17 million.
