This week we learned that Christie’s is launching a web3 auction platform with well-known, United Talent Agency represented artist, Diana Sinclair. Here's what you need to know (WYNTK):
The Details:
- Christie’s 3.0, is an auction platform, on the Ethereum blockchain, dedicated to exceptional NFT art
- With this launch, Christie’s becomes the first-ever global auction house to host fully on-chain sales
- The platform will support all major wallers and art lovers will be able to use the platform for discover and bid on exclusive drops, curated by Christie’s.
- The platform launches with its first solo exhibit, “Phases”, by Diana Sinclair.
- 9 new 1/1s, with generative pieces that are responsive to time - 4 of which have musical tracks
- The auction is open now until October 11th, 2022
- Link: https://nft.christies.com/nft/i-want-to-nurture-the-earth
The Strategy:
- Further establish Christie’s as the leading traditional auction house in web3 adaptation
- An opportunity to bring young, emerging artists to their existing client base
- Provides a secure and sophisticated way for their global clients to build awareness around the best artists in web3
- A collaborative effort that brought together and aligns Christie’s with 4 of the top web3 companies (@manifoldxyz, @chainalysis, and @spatialxr)
The Review:
Christie’s 3.0 is yet another example of Christie’s clear leadership in the adoption of web3 by traditional auction houses. Other “firsts include”:
- First to introduce non-fungible tokens (NFTs)
- First to host an NFT sale in Asia
- First to accept cryptocurrency
- First to take live bidding in Ethereum
Being the first at anything is difficult, but being the first within an archaic, exclusive, system like that of the world’s auction houses, is a whole new level. Introducing this auction platform is a statement to the larger industry that web3 isn’t an “if”, it’s a “when”.
All things considered, I would rate Christie's strategy as a 4.5/5 on web2 → web3 corporate transitions and activations.
The platform launch alone is a big statement by Christie’s. They pushed the strategy even further thought to ensure alignment and shared values with web3 community. They:
- Focused on collaboration over competition and will benefit from community network effects by working with 4 of the top web3 companies
- Prioritized artists, both in their selection of Diana Sinclair, a young, black, woman, for their first exhibit and in their launch communication surrounding the importance for artists to access resale royalties from their sales
- Positioned this launch as the first step in a long-term strategy supporting a movement, rather than a moment in time
There’s always room for improvement, but Christie’s remains a successful case study in how to combine business objectives with community embrace.
Disclaimer: this article is a review of Christie’s recent web3 business decisions. It is not a reflection or statement of my views regarding other areas of their business.
*WYNTK stands for What You Need To Know.
