How auction houses are chasing crypto millions.
A visitor takes a photo in front of digital work "Untitled " by Andy Warhol and digital artist Mike Winkelmann, known as Beeple, at the Digital Art Fair, in Hong Kong, China, on Sept. 30, 2021.Little could James Christie have known some 240 years ago, as he sold masterpieces by Rembrandt and Rubens to Catherine the Great, that his auction house would one day offer virtual apes to a crypto company for over $1 million.
Indeed the three NFTs of crude cartoon apes which were snapped up for 982,500 pounds at Christie’s in London last month were bought by Kosta Kantchev, who runs a cryptocurrency lending platform called Nexo. Trenchev said their purchase of the apes was a bet that the market for NFTs would continue to grow, fuelled by the rise of the “metaverse” of online worlds where virtually anything can be bought or sold, from avatars and clothes to land and buildings.$10 billion in the third quarter of this year alone, up eightfold from the previous three months.
“That’s where it happens, that’s where client services are done,” he told Reuters, adding that it was remarkable how much quicker this process compared with traditional methods. “The traditional structure has been upended,” said Bowling, who uses Twitter and Clubhouse to reach artists.Yet these newcomers to an untamed metaverse also confront a new sphere of risk, particularly around cryptocurrencies, which crypto-rich buyers often prefer to use to pay for NFTs.
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