The NFT market continues to experience notable developments despite lagging behind in the crypto sector. Accordingly, the fine arts auction house Sotheby’s has generated nearly $35 million in revenue from the sale of NFT art products in 2023. The figures were provided by the company’s vice president and head of NFT sales, Michael Bouhanna, who described 2023 as one of the most exciting years for the NFT space.
Famous Auction House Makes a Remarkable Move in the NFT Market
Bouhanna, announced Sotheby’s year-end results related to digital art on December 23rd via the X account. In 2023, Sotheby’s held its first live digital art auction with 300 participants and sales amounting to $12 million. Additionally, the NFT piece Ringers #879, created by NFT artist Dmitri Cherniak, sold for $6.2 million, marking the highest fee paid for an NFT artwork to date.
To date, the company has conducted over 25 auctions focused solely on the NFT space or incorporating NFTs into contemporary art sales. Following these developments, the company introduced the Sotheby’s Metaverse, an on-chain NFT marketplace, to its users.
According to Bouhanna, in the coming year, Sotheby’s will focus on supporting creators and developing primary market strategies. The 279-year-old British-American auction house first entered the NFT scene in April 2021 when it auctioned a piece by the famous Turkish NFT artist Murat Pak. Since then, Sotheby’s has conducted a series of record-breaking NFT sales.
What’s Happening in the NFT Market?
The NFT sector experienced a notable comeback with the general trade volume approaching $1 billion in November, coinciding with the recent Bitcoin bull run. Throughout November, the average value of NFT transactions increased by 114%, rising from $126 to $270, indicating that users were more willing to engage in higher-value transactions compared to previous months.
Developments in the NFT space continue to be shaped by the successes of blockchain ecosystems. Accordingly, with the rapid increase in Solana’s price, NFT sales within the Solana ecosystem gained significant momentum, but in the Ethereum ecosystem, this has not yet reached the desired levels due to both the price of ETH and transaction fees.
