The largest NFT token auction lost 96% of its profits for the year

Christie’s auction house, which is the leader of the global art market, stated that the profit from NFT sales fell 20 times. In 2022, Christie’s sold only 87 NFTs for a total of $ 5.9 million, which is 96% less than the previous year.

«As the non-fungible token market continues to be volatile, NFT sales are small. We sold 87 digital lots from various authors, including: Diane Sinclair, Mad Dog Jones, and Fewocious,» the auction’s representatives said in their annual sales report.

Despite the lower volume of NFT bidding, Christie’s actively developed in the Web3 environment in 2022. Representatives of the auction founded the Christie’s venture fund, which made its first investment in the blockchain startup LayerZero.

Last year, sales of NFTs exceeded $ 150 million amid a surge in the popularity of the non-fungible token market. «The current market atmosphere is not ideal, especially in terms of prices for artists' works. However, we hope that the situation will improve in the future ,» NFT artist Miss Sales shared her point of view back in late June.