World-renowned auction house Christie's is officially closing its standalone department for digital art and NFTs.
This decision comes in the wake of the NFT market's sharp decline, a stark contrast to the 2021 boom when the auction house sold Beeple's "Everydays: The First 5000 Days" for a record-breaking $69.3 million.
However, digital art isn't disappearing from Christie's. The auction house will now handle sales of digital works within its established 20th and 21st Century Art department, integrating NFTs alongside traditional art forms.
This strategic shift reflects a major change in the art market's approach to digital collectibles.
Source: ARTnews
