Christie’s shuts NFT division as digital art market cools
British auction house Christie’s standalone NFT unit, continuing digital art sales under a broader category.
Christie's decided to disband its standalone NFT unit, according to Now Media. The move reflects a decline in the NFT market compared to the 2021 boom, when Christie's made headlines with Beeple’s $69.3 million NFT record sale “Everydays: The First 5000 Days”.
In 2022, the house launched Christie’s 3.0, an on-chain auction platform showcasing digital artists and high-value digital works. The NFT division shutdown is part of broader changes led by the auction house’s CEO, Bonnie Brennan, who took the role in February 2025. Now Media cited a Christie’s spokesperson:
Christie’s has made a strategic decision to reformat digital art sales. The company will continue to sell digital art within the larger 20th and 21st Century Art category.
Trading volume for art NFTs fell from $2.97 billion in 2021 to just $197 million in 2024, according to DappRadar. Other digital art platforms, including MakersPlace, KnownOrigin, and Async Art, have also closed. Since its 2021 peak, the market has experienced large fluctuations while maturing and redefining its value.
NFT collections and platforms have started launching their own native tokens, expanding use cases. OpenSea, the largest NFT marketplace, plans to launch its SEA token in October 2025. PENGU, the native token of the Pudgy Penguins ecosystem, was launched in December 2024 and has seen high trading volume.
The NFT market cap currently stands at nearly $6 billion, with leading collections including CryptoPunks, Infinex Patrons, and Pudgy Penguins.
Related article: NFT Market Cap Loses $1.2B in Week-Long Slide as Ether Sinks 9%
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