Christie's revealed on Twitter (NYSE:TWTR) that it sold approximately $150 million worth of non-fungible tokens (NFT) this year. Artworks from Beeple's Everyday and Human One series were sold.
There is a great deal of interest in the NFT arena, especially from well-known corporations and people. Two of Beeple's artworks are responsible for most of the sales. The Everyday and Human One series sold for almost $70 million in March and November. Christie's sold more than $7 billion worth of artworks in total.
Established auction houses like Christie's and Sotheby's have seen an increase in NFT sales this year, indicating that NFTs have had an exceptional year. There is little doubt that the development shows the extent to which NFTs have penetrated the established art market, a reality that continues to rise. Christie's just started auctioning rare NFTs with live Ethereum bidding, a first for auction houses. An Andy Warhol painting from the 1980s is one of the most well-known NFTs that has been sold for reasons other than its monetary worth.
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Sotheby's has also had a successful year in terms of NFTs in 2021, as well. A Banksy painting sold for $12 million at the auction house's first sale priced in ETH. Also, Sotheby's sold the Bored Ape NFT collection for a whopping $24 million in advance of the company launching an NFT marketplace. Christie's art + Tech event even discussed how NFTs might affect art. Increasingly, NFTs are taking over the art auction market. The auction company has recently started taking cryptocurrency as payment for auctions.
NFTs, which have received both acclaim and condemnation for what they are, might have a bright future due to these breakthroughs. In light of the rapidly rising popularity of the metaverse, NFTs' usefulness and sales volume are only projected to increase going forward. Several well-known firms, like Meta, are contemplating joining the metaverse. In addition, NFTs are gaining much traction in the gaming industry due to their many potential applications. The future of NFTs seems to be bright, given these promising developments.