How will the auction change as the long-established auction house expands into NFT and Metaverse?


by

Marco Verch Professional Photographer

Neda Whitney, head of marketing at Christie's auction house, which attracted attention for the highest bid of 7.5 billion yen for non-fungible token (NFT) art, has auctioned with NFT and Metaverse. Talking about the new relationship of.

How Christie's Is Pitching Its Expansion From Picassos to NFTs --WSJ
https://www.wsj.com/articles/how-christies-is-pitching-its-expansion-from-picassos-to-nfts-11637700438

According to The Wall Street Journal (WSJ), the proportion of young people in auction house users is skyrocketing, with one-quarter of bidders being millennials at the time of writing. In addition, as many auctions have moved to the Internet due to the new coronavirus, new fields of art such as NFT, which have a high affinity with the Internet, have emerged, such as Christie's, which was launched in the United Kingdom in 1766. Auction houses are also actively incorporating this trend.



Whitney, who joined Christie's in January 2021, told The Wall Street Journal, 'My goal is to bring Christie's story to the hearts of every customer. For many, Christie's is a Picasso painting. The image is that it is an auction house that sells for 100 million dollars (about 11.4 billion yen), but in reality, we are dealing with various items such as streetwear such as sneakers, wine, watches, jewelry, and NFT is one of them. ' ..

According to Whitney, 34% of Christie's buyers are new customers, and 72% of those who bought or bid on NFTs in 2021 are new to Christie's. It seems that the definition of the word

'luxury ' is changing due to the increase in young and wealthy customers who are highly interested in NFTs and crypto assets.

Regarding the changes in the environment surrounding these auctions, Whitney said, 'The biggest change so far is to start interacting with the NFT community. We are also active on Twitter and have a Discord account. I also have one. '

Christie's, which is advancing its entry into NFT, is particularly focusing on the use of SNS such as Twitter and TikTok. For example, Christie's featured a suit-wearing illustration from the NFT collection of monkey profile images, Bored Ape Yacht Club, in September, and the hashtag '# suitson4christies' used by Christie's was for Christie's. It was the first trend.



Christie's is also considering expanding into the Metaverse. According to Whitney, Christie's has already begun discussions with various vendors about the Metaverse, including Decentraland, a blockchain-based VR platform. He is also considering exhibiting a virtual gallery in the Metaverse.


by Duncan Rawlinson --Duncan.co

Regarding how to capture Christie's success, Whitney said, 'There are various indicators of success, including direct ones such as new customer acquisition and return on investment. We plan to start measuring brand affinity, which is an indicator of the familiarity of the brand, from December. ' rice field.

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