Christie’s has officially closed its digital art department, ending an innovative yet brief experiment that allowed Non-Fungible Tokens (NFTs) to be auctioned along with traditional artworks. Two employees were let go in late August, including vice president of digital art Nicole Sales Giles, while Sebastian Sanchez has been retained in New York.

Key Points:

• Christie’s has shuttered its digital art division, discontinuing its NFT efforts.
• Nicole Sales Giles has been let go, with only Sebastian Sanchez staying on.
• NFT trading has plummeted by 45% in the last quarter, showing signs of a struggling market.

Giles had a notable presence at Christie’s Art+Tech Summit during the previous year’s Hong Kong Fintech Week, advocating for the same valuation standards for NFTs as were applied to traditional art forms. She stated:

“What’s unique with digital art is the community engagement aspect, which absolutely comes into play in a way it never has with traditional art.”

However, a year later, indicators reveal a fragile market. NFT trading volumes are significantly reduced, while Ethereum has surged 76% in the past three months, suggesting a shift in marketplace dynamics. The retreat of Christie’s may signify a recognition of NFTs struggling to find a definitive value separate from conventional art.