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Christie’s moves on-chain with NFT auction platform on Ethereum

The new marketplace allows the prestigious auction house to carry out auctions and sales on the Ethereum blockchain “from start to finish.”

After a series of successful high-priced nonfungible token (NFT) sales, Christie’s has launched its own dedicated NFT "on-chain auction platform," allowing auctions to be carried out fully on-chain on the Ethereum network.

The 256-year-old British auction giant, which is also the second-largest auction house in the world by fine-art auction revenue, said its “Christie’s 3.0” allows for NFT auctions to be conducted entirely on the ETH network “from start to finish.”

“All transactions, including post-sale, will be automatically recorded on the blockchain.”

In its past NFT auctions, the payments from the winning bidder were not always conducted on a blockchain, but the creation of Christie’s marketplace allows transactions to occur in a fashion much like the popular marketplace OpenSea, allowing for payments to be made in Ether (ETH). 

Christie’s said the new marketplace was developed in partnership with NFT smart contract development startup Manifold, metaverse development firm Spatial and blockchain analytics firm Chainalysis.

The announcement was paired with an inaugural launch of only one project exclusive to the new marketplace by artist Diana Sinclair, featuring just nine NFTs which can be viewed in an online virtual gallery built by Spatial.

Christie’s has seen major success with NFT auctions in the past, such as Beeple’s “Everydays - The First 5000 Days,” which was minted exclusively for the auction house selling for a record $69.3 million in Mar. 2021, becoming one of the most expensive NFTs ever sold.

At the time, the sale of the NFT was conducted in partnership with NFT marketplace MakersPlace.

The firm also facilitated the auction of nine CryptoPunks in May 2021 with the winning bid coming in at almost $17 million.

Related: Beyond the NFT hype: The need for reimagining digital art’s value proposition

Christie’s Web3 interest has moved outside of NFT auctions, in July it launched a venture fund aimed at supporting “art-related financial products and solutions” in Web3 with its initial investment going to LayerZero Labs, a company building decentralized applications compatible with multiple blockchains.

Rival auction house Sotheby’s has taken a similar interest in Web3 and NFTs, launching its own metaverse in Oct. 2021 and having its share of high-priced NFT sales also.

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‘Emergency’: Wikipedia editors vote against classifying NFTs as art

“Wikipedia really can't be in the business of deciding what counts as art or not, which is why putting NFTs, art or not, in their own list makes things a lot simpler,” editor “jonas” wrote.

A group of editors on Wikipedia, the free user generated encyclopedia, have voted against classifying NFTs as a form of art and have come to a consensus to shelve the issue until a later date.

A survey and debate started on the platform at the end of December revolving around the most expensive art sales by living artists and whether NFT art sales should be deemed as “art sales” or “NFT sales.”

“Wikipedia really can't be in the business of deciding what counts as art or not, which is why putting NFTs, art or not, in their own list makes things a lot simpler,” editor “jonas” wrote.

Much of the discussion centered on whether an NFT represented the art or if it was simply a token that was separate to the underlying art. The editors were torn on the definitions and some felt that there was a lack of reliable information to conclude from.

A call for votes found five editors opposed to including NFTs in art sales and just one in support. A consensus was made on Jan. 12 to remove sales such as Pak’s NFT collection that fetched $91 million and Beeple’s $69 million NFT from the top art sales list, and re-open the discussion at a later date.

The decision seems contentious when looking at Beeple's NFT “Everydays: The First 5000 Days” in particular, which depicts a collage of original artworks from a renowned digital artist that sold at the prestigious Christie’s art auction house last year in March. The New York Times also described Beeple as the “third highest selling artist” alive at the time.

According to Wikipedia’s guidelines, neither unaminty or a vote is required to form a consensus. To reach a decision, the consensus must factor in all participating editor’s legitimate concerns that fall within the platform’s policies.

What do Wikipedia editors know anyway?

However, the consensus position didn’t go down well with the sole NFT supporting editor “Pmmccurdy” who argued:

“How can we have a consensus when, from the start, I have argued in support of including NFTs on this list. The overwhelming evidence from secondary sources places NFT art as art and thus worthy of inclusion on this list.”

“If we agree Beeple and Pak are artists, why would their sales not count on this list? I don't understand the logic here,” they added.

Editor “SiliconRed” responded that the consensus they were reading was that: “NFTs should be removed from this list for now with the intention to re-open discussion at a later date. To my understanding, this incorporates all concerns, including yours.”

Related: Wiki contributors want to drop crypto donations over environmental concerns

NFT proponents such as Nifty Gateway co-founder Griffin Cock Foster were irked by the issue, noting on Twitter earlier today that:

“This is pretty messed up to see - Wikipedia mods are trying to say that *no* NFT can be art — as in, if it's an NFT, it can’t be classified as art.”

Foster’s twin brother Duncan also chimed in, labeling it an “Art Emergency” as he called the community into action via a post that was re-tweeted by Gemini co-founder Tyler Winklevoss.

“Wikipedia works off of precedent. If NFTs are classified as 'not art' on this page, then they will be classified as 'not art' on the rest of Wikipedia. Wikipedia is the global source of truth for many around the world. The stakes couldn't be higher!” he said

Everipedia, a decentralized Web3 equivalent of Wikipedia, responded to the platform by comparing its approach to NFTs and art:

“Everipedia editors have created over 100 pages on #NFT collections while Wikipedia is moving to mark NFTs as "not art" across their platform. It's time for NFT projects to move to Everipedia $IQ, a Web 3.0 encyclopedia which supports art and innovation.”

This isn’t the first time Wikipedia has had issues with reporting crypto-related information. Cointelegraph reported in September 2020 that anti-crypto activist and senior Wikipedia editor David Gerard helped remove an entry relating to Australian blockchain software firm Power Ledger.

Gerard stated the post was deleted on the “basis of being a pile of press-release churnalism, and the only genuine press coverage was about how Power Ledger was a scam,” despite the entry being sourced from reputable publications such as TechCrunch and The Economic Times.

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Beeple’s Latest NFT ‘Human One’ Sells for $29M, Artist Plans to ‘Enhance the Displayed Artwork’ During His Lifetime

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NFTs offer a new way for society to ‘store culture’ says Animoca Brands CEO

Animoca Brands co-founder Yat Siu has urged new NFT users to look past profiteering and examine how nonfungible tokens can redefine culture.

Yat Siu, the co-founder and chairman of NFT game developer Animoca Brands, believes nonfungible tokens offer a new way for culture to be stored in the virtual sphere.

In an interview with Cointelegraph, Siu argued that while the technology underpinning NFTs may be new, the desire to “store culture” has long been with us throughout human history.

“We describe NFTs as stores of culture, because they embody a moment in history,” he said, adding: “What is art? Art stores culture.”

Siu is a Hong Kong-based tech entrepreneur who previously worked at Atari and also founded the Outblaze gaming company. Animoca Brands was founded in 2014 and has released notable NFT projects including The Sandbox, F1 Delta Time and MotoGP Ignition, and it  invested in Dapper Labs, OpenSea and Axie Infinity.

The Animoca chairman said that culture is about more than just the monetary value of an artwork, and pointed to the example of his daughter and her favorite band BTS, stating that she doesn’t aim to get an autograph from the popular K-Pop group in a bid to flip it for a quick profit:

“Most paintings in the world aren't worth a ton, but like owning culture, the vast majority of people who buy art today or photography don't intend to sell it right away. That's not how we engage with culture.”

When asked what advice he would give to NFT newcomers, Siu urged newbies not to seek opportunities for fast profiteering, instead recommending they immerse themselves in the revolutionary utilities enabled by the technology.

“Start with buying your first NFT not with the intention to make money for you, but simply with a desire to [...] learn from it,” he said.

Related: Bloktopia, a VR metaverse, partners with Animoca Brands, Jake Paul and Bitboy to give users access to crypto information

Siu also argued that NFTs represent a dialectic shift in data ownership and data rights, asserting: “What's interesting about this ownership that we're able to create, is that it doesn't come from a sort of scarcity that you can dig up from the ground.”

Siu described data as among the world’s “most valuable resources,” pointing to the tireless efforts of big tech companies like Amazon or Facebook to mine every skerrick of data from their users in a bid to personalize the advertising they see on social platforms.

“Data has become the source of absolute power,” he added.

Animoca Brands completed an $88.88 million capital raise in May based on a valuation of $1 billion.

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