UK auction house Christie’s is shutting down its dedicated NFT sales department, shifting operations under a broader art category in light of a global decline in the art market. While Christie’s plans to continue selling digital art, including NFTs, the move follows a reported 12% drop in global sales and a 20% decrease in auction house revenues in 2024. The auction giant has laid off two employees from its digital art division, although they will retain at least one specialist. Market conditions and revenue considerations have likely influenced this decision, as observed by experts who note that the auction business model for digital art may not be sustainable. Some in the NFT community view this closure as an opportunity for greater value preservation for collectors and artists. The NFT market has seen fluctuations, with notable collections performing better recently, though overall market capitalization remains relatively low compared to previous highs.

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