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Christie’s Shuts Down NFT Department Amid Market Downturn
Christie’s Shuts Down NFT Department Amid Market Downturn
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BTCCSquare news:
Christie’s auction house has shuttered its dedicated digital art department, marking a strategic retreat from the NFT market. High-profile sales like Beeple’s $69.3 million "Everydays" in 2021 now give way to integration of NFTs into traditional 20th/21st-century art categories. The MOVE reflects broader institutional recalibration as global NFT sales decline.
The once-booming digital collectibles sector shows fading institutional enthusiasm. Christie’s 3.0 platform will be discontinued, with NFTs absorbed into conventional auction streams. Market observers note this mirrors Sotheby’s recent scaling back of NFT specialists, suggesting a maturation phase for crypto art markets.
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