Christie’s dey shut dia digital art department because NFT market dey fall
Christie’s don close dia dedicated digital art department because NFT market don dey fall. Dem move merge digital art sales put for dia wider 20th and 21st century art auctions, so standalone digital events finish.
Sources wey include Nicole Sales Giles, VP of Digital Art, confirm di change under CEO Bonnie Brennan. Di change follow di cool demand for NFT platforms like MakersPlace and Async Art and e show say NFT market don gatz slump well well.
Di future of Christie’s on-chain auctions platform, Christie’s 3.0, still dey unsure. Industry people dey connect di restructuring with bigger wahala for digital art, plus as AI-generated art and copyright palava dey worry.
For crypto traders, di closure dey signal say inside NFT space, market no too dey shine. But if dem combine digital works into traditional auctions, e fit bring long term trust and make market stable.
Bearish
Christie dem close im digital art department due to dey NFT market slump, e show say di feeling for NFT trading no too positive. Dem make dis decision becos trading volumes dey fall and floor prices dey decrease for major NFT platforms. Christie on-chain auction platform future still dey uncertain, e make investors confidence drop. Short term, traders fit face low liquidity and more risk aversion. Long term, if dem fit bring digital art inside mainstream auctions, e fit bring back trust but e no go fit balance the wahala wey dey inside di market now, so NFT prices go still dey under pressure.