Auction house Christie's in 2022 showed a drop in sales by 96%

The Block reported that art auction house Christie's, which sells NFT tokens, suffered a huge decline in sales in 2022. It is noteworthy that in other areas of its business, Christie's had near-record performance.

This year, the auction house was able to sell only 87 NFT tokens, and the total amount of sales barely reached $6,000,000, stopping at $5,900,000. Last year, Christie's had more successful auctions and were able to sell over 100 NFT items. The total amount of tokens sold, in turn, exceeded $150,000,000.

Almost half of the turnover was made by an NFT painting by NFT artist Beeple. His artwork titled “Everydays: The First 5000 Days” went to a buyer for $69,400,000.

Everydays: The First 5000 Days

Although the ongoing auctions showed results that decreased by as much as 96%, however, nevertheless, in the field of Web3 technologies, the auction house showed good success. Christie's founded a venture fund, which made the first investment on July 18th.

Startup LayerZero became the debut project for Christie's investment fund. Among other successes of the auction house, it is worth noting the sale of 18-year-old NFT artist Diana Sinclair. The latter created media content for the sale of a non-fungible token for $1,000,000. It was an unreleased track by Whitney Houston. Later, talent scouting company United Talent Agency signed an NFT artist who had collaborated with auction house Christie's.

NFT token transactions in 2022 follow the general downtrend, which collapsed many tokens in 2022 and left investors without money. Despite this, it was 2022 that set the record for daily turnover. On May 1, crypto enthusiasts from all over the world held auctions for NFT tokens for an amount exceeding $1,200,000,000.