Top auction houses courted the crypto crew — is it enough to save them?

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Financial Times 12h ago

Top auction houses courted the crypto crew — is it enough to save them? - Financial Times

Quick Summary:

In early 2021, he bought screensaver-like “Cube” NFT works by the digital artist Murat Pak, which sold through Sotheby’s on the specialist Nifty Gateway platform, priced at $1,500 each.

It was the rise of non-fungible tokens (NFTs), unique digital assets that link art to the blockchain and which lend themselves to geometric abstractions and cartoonish caricatures, which brought in some of the newly minted crypto millionaires and billionaires.

According to ArtTactic’s Global Art Market Outlook, published this week, 12 per cent of experts are positive on the likely performance of NFTs this year, still well below the previous high of 73 per cent in 2023, but double the percentage last year.