British auction house Christie’s announced via a Twitter post that it has crossed the $100 million ceiling in NFT or non-fungible token sales for the first time ever on September 28 this year.
The credit to push Christie’s over this historic landmark has been given to the NFT auction held online in Asia, which concluded in Hong Kong earlier this week. The auction made Christe’s a reported $15.6 million.
We've shattered the $100 million ceiling in #NFT sales worldwide. Pushing us over this historic mark was the record-setting success of our first-ever NFT auction in Asia, which closed online in Hong Kong on 28 September and achieved a total of HK$122 Million (USD $15.6M). pic.twitter.com/ob6c79Oi6z
— Christie's (@ChristiesInc) September 28, 2021
Christie’s CEO Guillaume Cerutti commented on the auction house’s remarkable achievement in the crypto-asset industry and the future of art and NFTs moving forward.
“The NFT market is here to stay. We will continue to invest in the opportunities NFTs offer us to deeply engage with new audiences and artists, an exciting new generation of collectors, and more expansive and inclusive markets,” he said.
With the unprecedented growth and acceptance of cryptocurrency, Christie’s also became the first auction house to make an NFT sale for a purely digital artwork in March 2021 when it sold digital artist Beeple’s EVERYDAYS: THE FIRST 5000 DAYS for over USD 69 million, which was put together over the course of 13 years.
Non- fungible tokens or NFTs are novel digital assets, including jpegs, art or videos, that are denoted by code on a decentralized digital ledger called a blockchain. NFTs are different from bitcoin in the manner that bitcoin is identical and interchangeable whereas each Non-fungible token is completely unique. Even two completely identical pieces of digital art will be represented as unrelated and unique on the blockchain. Each NFT can be bought and sold, just like physical assets, but the blockchain tracks the ownership and validity of each digital asset. c
The unique nature of NFTs has made it a good tool for investments amongst the crypto-community and the industry has been steadily growing into billions of dollars over the years. According to DappRadar, which tracks and ranks multiple NFT blockchains has estimated the Industry’s volume to be just under $2.5 billion for the first half of 2021.