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Christie's to host NFT festival with live and Ethereum auctions

The art house Christie’s will hold on October 1 a festival of non-fungible tokens (NFT) auctions with live offers and in ethers (ETH), the cryptocurrency of the Ethereum network. With this, he plans to leave in the hands of the highest bidder a selection of the first collectibles from the Curio Cards and Art Blocks Curated projects, which are among the proposals with the highest demand today.

The gallery, With more than 2 centuries of experience in the art industry, it ensures that is ready to enter a new territory in the digital world . He plans to do it with the first live NFT bid with offers in ETH, as reported through his Twitter.

Until now, the auctions that have been done in the non-fungible token markets have been they perform with a countdown timer where each bidder makes their bid as time ticks on. Thus, the NFT remains in the hands of the best proposal made until the clock reaches zero .

On the contrary, with a virtual auction live, the interested parties make their offers in a closed exchange and then the auctioneer communicates to the bidders what is the basis of the proposals made. After that, the auction participants can try to exceed the maximum bid or leave the auction, as is usually done in the traditional way.

In itself, Christie’s idea is to combine traditional auctions with the digital method, with the additive that all proposals will be presented in ETH and not in dollars as works of art used to be auctioned in the past.

The amount of the cryptocurrency will be calculated based on the recently published CME Group index rate, says the auction house in its website.

Bitcoin cobra protagonismo entre las piezas que Christie´s ha seleccionado del proyecto Curio Cards. Fuente: Christie´s.com
Bitcoin takes center stage among the pieces that Christie’s has selected from the project Curio Cards. Source: Christie´s.com

From frames to NFT format

Christie’s has named its live NFT auction series “Postwar to Present” as a way to combine the past with the present . That will surely help you to set foot in the future, especially now that you have built the «Christie’s Encrypted» section dedicated to the world of digital collectibles.

The important art house, which among its salons showcases old works, including a version of the Mona Lisa, introduced NFTs to contemporary art history when it auctioned a $ 70 billion collectible by the artist known as Beeple. As reported by CriptoNoticias at that time, the sale figure was unprecedented for this type of piece, which made its author one of the most valuable living artists in the world.

Christie’s, founded in 1766 in London, listed its first NFT auction as one of the most unique works in the history of digital art . The event had a great projection occupying a space in the main media around the world.

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Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

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