For the past 240 years, James Christty has been selling wonders to Rimbrandt and Rubens to the great Catherine.

Samuel Baker, the founder of Sotheby’s, also did not intend to sell the original source code (NFT) for $ 5 million in the North, selling 1744 percent of the rare books for $ 1,000.

Times change.

“Everyone wants to sell NFT,” said Cassandra Haton, head of Sotheby’s International Science and Culture. “My inbox is completely closed”

Sostby sold NFT for $ 65 million in 2021, and its main rival, Christie, sold more than $ 100 million for its new Crypto property, which uses blockchain to record digital items such as images and videos. Like any online file, it is viewed, copied and shared.

According to Art Market Research, those sales figures for the world’s leading auction houses account for 5.5 percent of modern art sales. This is a jump as the NFT started last year only.

Many buyers come from the new rich consumer category People who have made their fortune in cryptocurrencies, experts who have been involved in NFT sales at major auction houses told Reuters. With Sotheby’s Online NFT sales in June of $ 17.1 million, 70 percent of buyers were newcomers.

The NF 982,500 ($ 1.3 million) snatched last month in London’s Christie was bought by Costa Canchev, a cartoon monkey called Nexo, a cartoon monkey.

The cartoons are the first NFT sale in Europe from Bored Up Yakut Club and have been the biggest auction in the world since the outbreak began.

In a sign of the times, Kanchev has been shrugging off bidders for the work of David Hawney, Jean-Michel Basque and Bridget Riley.

“On the one hand, the people in front were people dressed up, and on the other hand, people on the phone were receiving partial anonymous bidding,” said Anthony Trenchev, who runs Nexon with Kanchev. “After all, there were entrepreneurs and people from the cryptocurrency industry bidding – they weren’t suitable.”

Trenchev said the purchase of the monkeys was a bargaining chip in the NFT market, which could be used to buy or sell anything from avatar and clothing to land and buildings.

Indeed, digital art is part of a growing sales force for NFTs. on top In the third quarter of this year alone, $ 10 billion is eight times more than in the previous three months.

“We are developing new financial tools for the NFT that will stimulate the acceptance of the property,” Trenchev said, citing NFT-based financial products as his main asset.

They are not the only ones playing against Metavers. Facebook – A company that has made nearly $ 1 trillion into the future of immersive virtual environments and experiences as a meta name.

Tradition has increased.

Whether or not Mark Zuckerberg is careful is a matter of concern. The NFT boom has been dragging auction houses over the Silicon Valley for hundreds of years.

Large auction houses are taking to social media to hunt down their new buyers.

Christ Davis, head of digital digital marketing, said NFT buyers are happy to give up the tradition of attracting art collectors, saying that they have recently negotiated a deal on Discord messaging and have bought buyers. Twitter

He told Reuters: “This is where the customer service is done. How fast this process is compared to traditional methods.”

In another large digital shift, auction houses are often looking for NFTs directly from the crypto artists – in many cases lesser-known, anonymous images.

In the physical art market, artists’ primary sales are usually driven by galleries, while auction houses typically focus on secondary market sales.

“What amazes me the most is that the artists want to work directly with the auction house. We’ve always been in the secondary market,” said Rebecca Bowling, a 20-year-old senior artist and Phillips contemporary artist.

“The traditional structure has improved,” he said, reaching out to Bowling, Twitter and Club House for artists.

Why crypto is dangerous

But these newcomers to unknown meters, especially crypto-rich buyers, face a new risk of choosing to pay for NFTs.

Bidding companies can face legal risks by knowing your KYC and Anti-Money Laundering (AML) requirements, said Max Dildorf, a cryptocurrency lawyer and partner at the New York-based law firm Dldordff.

“These products can be safe and it’s best to take their own precautions when taking a gallery or product,” he said, adding that money laundering in secret currencies is a “known fact.”

Sotheby’s did not comment on KYC or AML processes. Christy’s KYC and AML standards in NFT sales are similar to those of physical art, although he declined to go into details. Philips said buyers have made sure they have enough money in their crypto wallets.

Another issue is that while NFTs are being marketed as a way to register digital property ownership, problems can still arise.

Sotheby’s NFT sales in June – the buyer spent the first $ 1.5 million on NFT, a simple geometric animation by Kevin Makoi – claim the former and original owner was complex. The buyer and claimant of this NFT version told Reuters. In fact, the first argument, the so-called NFT, was that the transaction was delayed, and blockchain records did not appear until several weeks after the sale.

Separately, after the sale of Sotheby’s $ 5.4 million World Wide Web source code, observers noticed errors in the code version of the code.

Sotheby’s did not respond to requests for comment.

Miami-based Pablo Rodriguez-Frill, who buys both NFT and physical art, said the move by auction houses to the digital sphere was positive.

“I think they are protecting the ecosystem, and I think they will soon find the right path,” he said.

He added that “the challenge of curing and the challenges of technology are major.”

On Tuesday, Christ will sell the new NFT at Beeple, the artist’s NFT Found Christie’s $ 69 million in March. This is the first time that a large auction house sells an unseen art form.

This time, however, the work is sold in both physical and NFT form. Christ at least, the real world still has some charm.