The British art auction company, Christie’s is establishing a venture capital division. The aim is to fund businesses that facilitate the trade of art, especially blockchain startups.
Additionally, Christie’s Ventures intends to stake money on enterprises that most VC firms feel are too risky. Compared to Q1 2022, the number of funds that went to startups dropped in Q2 2022 by about $109 billion.
Moreover, Christie’s entered the era of digital art and NFTs in 2020. This was when Beeple’s Everydays NFTs sold for over $69.3 million after an original estimate of $100.
Since 2018, the corporation has hosted the annual Art+Tech summit, which holds for two days. This is part of its eagerness to promote art and its digital representations.
Meanwhile, Christie will first invest in LayerZero. This Canadian business assists people who own digital assets in dispersing their holdings among several blockchains.
Christie’s Want To Unite Blockchain Tech And Artwork
The auction firm wants to build on its lead. It wants to be the first artwork auction company to record an artwork sale on the blockchain space.
The corporation aims to invest in businesses that offer solutions to digital arts. These are firms that solve the issues that have beset the art sector.
These involve selling and secure storage of NFTs, identifying the owners of works of art on the blockchain, and authenticating their validity.
Christie’s new program aims to encourage novel ways of experiencing art. Earlier, the business broadcast a holographic image of a ballerina statue on its showroom floors in San Francisco and Hong Kong. The figure ultimately sold for $42 million.
Devang Thakkar, the head of the VC, said it is time for Christie’s to be at the center of technology. This would give it quick access to nascent technology that can influence the fate of art.
Difficult Period For NFT Art
The CEO of LayerZero is also confident in its organization. The entrepreneur Saif Saif can synchronize art purchases across several blockchains.
However, since the 2021 NFT boom, Christie’s sales of NFTs have decreased. It has dropped from around $90 million in Q1 2021 to $4.6 million in Q1 2022. This must be due to the decline in the crypto market.
Also, total sales of NFTs have fallen due to the bad crypto market. However, there are some notable exceptions, such as the CryptoPunks collections and Bored Ape Yacht Club.
In the past week, these NFTs have witnessed robust sales volumes. Besides, NFT purchasers are becoming more picky with their selection of artists.
“Most buyers are building a database of artists that would survive the bear market,” said the Director of Digital Art Sales at Christie’s.
