Christie's has officially closed its digital art department, marking the end of its venture into NFTs for art sales. This decision follows a significant drop in NFT trading volume, which plummeted by 45% in the last quarter, signaling a notable instability in the market. Two employees from the department, including the vice president of digital art, were let go, while specialist Sebastian Sanchez remains in New York. The closure reflects a growing consensus that NFTs may not sustain a separate market and are increasingly blending into contemporary art sales. In previous discussions, experts pointed out that the NFT market was still evolving, highlighting the absence of standardized valuation methods and the necessity for stronger community engagement. This shift implies that without clearer standards and firm valuations, NFTs are at risk of remaining mere additions to the contemporary art scene rather than forming an independent collectible sector.

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