One of the biggest things to come out of the past decade has been cryptocurrencies. Not only was it able to win the hearts of investors everywhere, but it was also able to win back all of the skeptics that did not believe in it. When cryptocurrency had just started out, investors believed that it was just a fad and that it would not last very long.
Of course, now over a decade old, the crypto market has continued to rise to new heights. Its current success has even brought in various industries that would otherwise not try their hand at the crypto market. One of these industries happens to be the auction industry, as they start taking an interest in cryptocurrencies.
Times have changed throughout the world as the crypto scene continues to dominate nearly every form of financial interaction. From regular purchases at the grocery store to buying tickets for the movie theater, people are able to use cryptocurrencies for seemingly everything. And now, people can even use their cryptocurrencies for an auction of their choice, as two of the biggest auction houses in the world have started to accept cryptocurrencies for their NFTs.
Both Christie’s and Sotheby’s have displays dedicated to different NFTs, each of which features incredible digital art from different parts of the world. Only recently, Sotheby’s was able to sell over $65 million worth of NFTs to various parties. On the other hand, the rival for Sotheby’s, Christie’s was able to sell over $100 million worth of NFTs in the same amount of time.
What is more interesting is that the total NFT sales from each party’s respective auction house only make a small part of their overall contemporary sales. More specifically, NFTs only made up 5.5% of each of the auction houses’ total sales. The rest they were able to make was through regular cash payments and wire transfers.
Regardless though, considering the fact that NFTs have just recently become so popular, it is a major step in the right direction for these auctions. What is essentially an industry that is over 200 years old; they have managed to keep with the times.
However, if NFTs were going to be a part of the auction house, then it was obvious that the cryptocurrencies were not far off. Many buyers who have recently made their fortunes trading in the crypto market will now be able to put their fortune to good use as they invest in some fine art at these different auction houses. Even recently, a crude cartoon of an ape NFT was able to sell for $1.3 million.