Christie’s NFT Sales For 2022 Are Down 96% For A Total Of $5.9 Million

Key Points:

• Christie’s recorded a total sales of $5.9 million

• Between the years 2021 and 2022, Christie’s NFT sales dropped by 96%.

In 2022, Christie’s, which is an art auction house, sold 87 NFTs for a total of $5.9 million, which represents a decrease of 96% compared to 2021.

Despite having a banner year across the board in its art business, the auction house Christie’s reported a significant drop in the amount of NFT that was sold this year in comparison to 2021.

Christie’s was successful in selling 87 NFTs for a combined total of $5.9 million in 2022. Over 100 non-fungible tokens (NFTs) with a total value of more than $150 million were sold at the art auction house in 2021; one of these was Beeple’s “Everydays: The First 5000 Days” NFT, which was sold for $69.4 million. Between the years 2021 and 2022, Christie’s NFT sales dropped by 96%.

Christie’s made significant headway in expanding its web3 and NFTs vertical in 2022, despite the fact that its NFT volume was smaller than in previous years. On July 18, it made its first investment, which was in a blockchain interoperability firm called LayerZero, which was developed by the company that established the venture fund.

Christie’s also auctioned works by Diana Sinclair, an 18-year-old NFT artist. Sinclair had developed media for a previous NFT sale of an unreleased Whitney Houston single that had brought in $1 million. After then, Sinclair became a member of the United Talent Agency, which is a prominent talent representation organization.

The depressed market circumstances during 2022 led to a general decrease in the number of NFT trades. On the other hand, the week beginning May 1 of this year had the greatest number of NFT trades ever conducted, which totaled $1.2 billion.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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