Christie’s organizes NFT auctions with OpenSea. What is the strategy? – General ledger information

Renowned auction house Christie’s announced a partnership with the non-fungible token (NFT) market OpenSea. The first collection will be open to navigation from December 1, organized by Christie’s.

Christie’s was one of the first major auction houses to take an interest in NFTs. The Beeple’s EVERYDAY auction: 5,000-day coin returns in March for $ 69 million has played an important role in helping NFTs grab headlines beyond the crypto press.

Looking at what’s in there for each of the parts, on the one hand, OpenSea is the biggest NFT marketplace. In the three months ended at the end of October, $ 9 billion in transactions were processed on its platform. Over the whole of 2019, Christie’s facilitated $ 5.8 billion in art sales.

So, when it comes to NFTs, OpenSea has the potential to bring new clients with large portfolios to Christie’s. And that doesn’t just help with NFTs. When Justin Sun lost the Beeple Everyday sale, Christie’s sold him a $ 20.1 million Picasso work of art. It also helps establish Christie’s credentials in digital art.

From OpenSea’s perspective, as a bigger market, it wants to involve more mainstream people, and Christie’s Name Cache can do just that. OpenSea’s positioning is more of eBay than NFTs, so it covers everything from art to sports collectibles. However, some of its smaller competitors, such as SuperRare and MakersPlace, are very focused on the art world. By collaborating with Christie’s, it can shake up the competition.

“The world of digital art is changing at an incredible rate,” said Marcus Fox of Christie’s. As the marketplace continues to grow and develop, Christie’s is excited to partner with OpenSea, the largest NFT marketplace, to align the highest caliber and smoothest transactions that each party can deliver. I see this as an important step forward in bringing the worlds of traditional and digital art closer together. “

Besides Christie’s, another auction house positioning itself as a leader in NFT digital art is Sotheby’s. He came from behind but caught up pretty quickly. The auction house has launched its own metaverse market and is more closely associated with Bored Monkey Yacht Club, one of the most successful and trendiest NFT projects. It seems that Sotheby’s is looking to associate itself more with the youth of the NFTs and to welcome young and “cool” collectors. On the other hand, by creating its own destination,

Meanwhile, Sotheby’s auctioned the world Wide Web code for $ 5.4 million and worked on “Double digital” technology with a few physical parts. As for Christie’s, he auctioned CryptoPunks for $ 17 million.

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