PARIS, October 1 /PRNewswire/
Traditional auction houses are at the forefront of NFT trading, but could bring more stability to this growing market. By providing estimates for evaluation, they summarize the current state of supply and demand; by selling an NFT, they provide a reference price independent of the quoted prices peer-to-peer (P2P)platforms (Opensea, Nifty Gateway, SuperRare, etc.). In other words, the auction houses can certainly have a stabilizing effect on the troubled NFT market thanks to their expertise and the time limitation of the market.
Abdoulaye Barry, White globule (2022). paper printing + NFT. Estimated between €500 and €800, sold for €1,080 by the FauveParis auction house (Paris) on March 10, 2022
Thierry Ehrmann, CEO and founder of Artmarket.com and the Artprice department: “By preparing an auction, publishing a catalog several weeks in advance, providing a series of estimates, and providing information long after the auction, the auction house essentially “moderates” the NFT market. . However, this does not prevent prices from skyrocketing if demand is greater than expected.”
Despite the transparency of blockchain technology, irregularities abound in major NFT markets. Whether it’s fake accounts (like those that have sprung up around Takashi Murakami) or arbitrage opportunities (offered to those who succeed whitelists to be included in the most desirable projects): A large number of extremely aggressive strategies have already existed on NFT trading platforms, contributing to price fluctuations and some instability.
Takashi Murakami’s “too” expected NFTs
Since the announcement of his NFT project Flowers Japanese artist Takashi Murakami (105th in our 2021 world ranking of artists by auction, all periods combined) has been the subject of numerous scam attempts via Instagram and Twitter accounts with deliberately similar names, for example murakami. flower2022. By tricking people into creating NFTs as soon as possible (like most NFT drops), these bogus projects attempt to incentivize an immediate purchase without verifying the legitimacy of the author.
It is clear that Murakami’s NFT project is attracting interest from traditional collectors and the crypto community. However, it is becoming more and more likely that his Flowers-NFTs won’t be launched before his solo exhibition at the Gagosian Art Gallery in New York, scheduled for May 2022. So it will take a little longer than initially planned to enter Murakami’s digital Flowers invest.
Unfortunately, the current ambiguity in NFT marketplaces and social networks leads to a large number of scams. A large number of replicas of almost all of today’s most well-known NFT projects are circulating on Opensea. This situation could be improved by a more active presence of stabilizing players such as auction houses in the NFT environment.
Finally… a real subscription price
Among the 10,000 pieces in the collection women’s world Only one copy was publicly auctioned. The one estimated by Christie’s between 400,000 and 665,000 dollars Woman #5672 was sold in London on March 1, 2022 for $600,000 (plus 26% buyer’s premium for a total purchase price of $755,000).
The value of this work corresponded exactly to the estimate of the auction house Christie’s. However, the price of this NFT has been very volatile: just six months ago Woman #5672 for $117,000 (37.95 BTC) on the OpenSea platform, and the best offer for this NFT today is $70,000 (20 BTC).
As the sale took place off-chain, data relating to the sale at Christie’s does not appear in the factory’s activity log on OpenSea. However, OpenSea revealed the identity (or rather the pseudonym) of the buyer of Woman #5672: This is the moonpay.eth account. Thus, the OpenSea platform and the Christie’s auction house provide two additional pieces of information.
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