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Will Auction Houses Be Greater Than Museums in the World of Non-Fungible Token?

2021 has been a roaring year around the (Non-Fungible Token) NFT ecosystem, especially in the world of art. One of the greatest stimulants was the Non-Fungible Token Museum “Everyday: the First 5000 Days”. The idea was originally by Beeple and it was sold for $69 million by Christie’s in the following March.

On the contrary, in July, the Institute of Contemporary Art, Miami (ICA Miami) obtained a gift from Eduardo Burillo CryptoPunks NFT #5293. However, there has been more Non-Fungible Token (NFT) adoption in auction houses like Christie’s and Sotheby’s instead of in museums.

Moreover, as ICA Miami is getting an NFT, only a few other museums, like Hermitage Museum in St. Petersburg and the British Museum in London, are working for the NFT Art, according to Apollo Art Magazine.

At present, the way we sell art pieces varies, and Christie’s and Sotheby’s are taking the wires for this to happen.

Christie’s Auction on Non-Fungible Token

Furthermore, November was a very important month for the Non-Fungible Token (NFT) world. According to Christie´s website last week, they collaborated with OpenSea to make the first on-chain auction called “Christie’s X OpenSea.” Also, the exhibition will be available for the public in OpenSea from 1st- 3rd Dec. Though, the bidding will be open from 4th-7th Dec.

In addition, Sotheby’s accepted Ethereum (ETH) bids in the auction of two Banksy paintings. But, one of the primary involvements of Sotheby’s in the Non-Fungible Token ecosystem was building a copy of their London auction house. This house will be on the main location in Decentraland metaverse. Through this, you can enter the gallery from anywhere in the world. 

To summarize, the Art industry is going digital. So far, auction houses and museums have taken a different approach with the NFT ecosystem. With these new metaverse trends, the art industry may keep transforming.



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