The world-renowned auction house Christie’s has officially closed its NFT department, signaling a major shift in its approach to digital art. The move, reported by Now Media, comes as part of what the company describes as a “strategic reorganization” rather than a complete withdrawal from the NFT market.
According to Christie’s, sales of digital art will not disappear from its offerings. Instead, they will now be integrated into the broader category of “20th and 21st Century Art.” The restructuring led to the departure of several employees, including Nicole Sales Giles, Vice President of the digital art division.
The closure marks a striking moment for the art world, considering that Christie’s played a pivotal role in popularizing NFTs during the 2021 crypto boom. The auction house famously sold Beeple’s digital collage “Everydays: The First 5000 Days” for $69.3 million, a landmark event that cemented NFTs as a legitimate category within the global art market. Christie’s also brokered the sale of nine rare CryptoPunks NFTs for $17 million, further fueling mainstream attention.
Industry experts suggest that Christie’s aggressive commission rates of 25–30% may have hindered the long-term success of its NFT strategy. Unlike traditional art, NFTs require neither physical storage nor costly logistics such as insurance and transportation. For many collectors, these high fees did not align with the digital-first nature of the assets.
The decline of Christie’s NFT department is also part of a wider trend: the sharp contraction of the digital collectibles sector. In 2022 alone, NFT sales at Christie’s fell by 96%, a dramatic downturn compared to the frenzy of the previous year. Other specialized platforms such as MakersPlace, KnownOrigin, and Async Art have also closed their NFT auction operations despite backing from major investors, including executives tied to rival auction house Sotheby’s.
At the same time, the global art market itself has shown signs of slowing down. Last year saw fewer deals concluded worldwide compared to 2023, underlining broader uncertainty that extends beyond digital collectibles.
Conclusion
The closure of Christie’s NFT department underscores the challenges of sustaining the hype-driven NFT boom in a cooling market. While Christie’s is not abandoning digital art altogether, its decision reflects a strategic repositioning—treating NFTs as part of contemporary art rather than a standalone category. For collectors and artists, the move raises questions about the long-term viability of NFT auctions and whether the technology will find its place as a stable fixture in the art world.
