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Trading art has been a very profitable endeavor for a long time with many artwork funds demonstrating impressive resilience against external economic factors. The biggest British auction house Christie’s has been showing good performance in many financial metrics and wants to expand its product offering by entering the world of crypto and embracing web3. The auction house united efforts with Chainanalysis Manifold and Spatial to deploy a new virtual auction house on the Ethereum network.
State-of-the-art technology for a brand focused on art
The new endeavor of the company will focus wholly on building a complete experience for all users on the Ethereum platform with transactions, fees, and post-sales operations being conducted without ever leaving the ecosystem. The new web3 platform is fully integrated with blockchain technology and provides a completely novel experience to buyers and sellers of various auctionable goods.
It is not the first foray for this auction because it was among the first notable brands in the arts industry that looked into working with NFTs. Now, Christie’s 3.0 will provide a new type of product making everything digital without the need of moving physical goods when it is not necessary. At the same time, all transactions will be conducted in ETH which should bump the demand for this digital asset in particular.
It seems that Ethereum has another big brand backing the platform which is very important not only because of the recent ETH’s performance but also due to pressure from competitors like Algorand which has been announcing partnerships and deployment of products from brands like Disney and Nike every week.
Ethereum was unmoved by the news about Christie’s
The collaboration between the now-PoS network and the biggest British auction house did not affect the market as hard as it was initially expected by analysts. ETH continues to struggle to recover. The only potential positive thing coming from this announcement is that the asset stopped moving in the downward direction and started stabilizing above the $1,330 line which is good news after a week of uncontrollable falling into oblivion.
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