Christie’s was at the top of the non-fungible token (NFT) hype when it became the first international auction house to list a cryptoasset. He hosted and sold Beeple’s Daily: the first 5,000 days on March 11 for an impressive sum of S $ 93.8 million (US $ 69 million). The house has continued to navigate this craze since then, racking up over S $ 126 million in NFT sales to date – more than double any competitor, a press release said.
It’s no wonder, then, that despite the cooling of the digital art market – NFT’s sales have fallen nearly 90% since their peak in early May – Christie’s continues to drive demand in the industry, even as experts declare the death of the NFT. bubble.
(Related: 5 NFT Artworks That Prove The Art World Will Never Be The Same Again)
However, they do not offer digital art. Instead, the auction house offers ten design NFTs by modern Renaissance man Misha Kahn. Instead of digital works, it will feature a rendered 3D model that transforms into different types of furniture, along with a corresponding video of the design piece spinning on a pedestal.
(Related: An Art Expert’s Perspective on NFT Art and the Emerging Digital Marketplace Space)
The New York-based designer was first recognized when he was presented at the Museum of Arts and Design Biennale in 2014, with many of his works finding their way into museums around the world as well as permanent residences in art museums in the United States. He has spent a lot of time working with physical media like glass, textiles, metal and cement, which is why it is only natural that he ends up in the digital space as well.
That said, this NFT auction is different from the others that came before it at Christie’s: the potential owner of each of the ten lots can 3D print as many examples of their NFT as they want, as well as order a product. unique, example signed for Kahn to be created in a material that satisfies both parties.
That’s not to say that Christie’s is losing confidence in its ability to attract enthusiastic bidders with purely virtual assets.
The NFT market is still in its infancy. Declaring her dead in a few months seems a bit short-sighted at best – especially as players in the nascent art sector are changing faster than ever.
Christie’s Furniture without hinge will take place from August 18 to 24.