Low NFT sales causing transition in the art world

Context: Pace Gallery and Christie's were early in embracing the technology, and after seeing sales in NFTs, profile pics and generative work drawing millions around 2021, built platforms around them, like Pace Verso and Christie's 3.0.

• At Thursday's panel, however, Artnet News' former editor-in-chief Andrew Goldstein observed that in recent conversations, both houses appeared to be pivoting away from thinking about NFTs as their own category in the art world.

Between the lines: Pace Gallery CEO Marc Glimcher said its foray into NFTs was artist-driven, and that while they might even prove useful in the art world's back-office processes, they're unlikely to get picked up.

• "We know that there is a provenance verification opportunity here. We all know it and we all know that the art world is resisting it because it suggests transparency, which we say we want but we don't really want," he said.
• "Or at least, the people in power don't." (The crowd tittered at that.)
• "It's absurd," Glimcher added, "that a $30,000 car has a title and registration, but that a $170 million Modigliani does not."

Christie's Dirk Boll said NFTs represent an interesting application of technology, but echoed Glimcher in that art buyers didn't seem to care all that much whether their high-priced transaction was recorded on a blockchain or a regular receipt.

• The auction house tried to offer NFTs-as-receipt, but it didn't catch on: "People still seem to think that the Christie's invoice as a PDF, or printed, is good enough to prove the transaction."

Behind the scenes: 👆A self-described disruptor told Axios that it was disappointing to hear that leaders in the art world wanted to maintain the status quo.

💭 Our thought bubble: The event wasn't explicitly about crypto, but it was all around:

• the QR code asking for my Ethereum address
• the mock scratch-off tickets
• the QR code with a closed mint
• ...NFT folk in the audience. (Also, renowned digital artist Beeple was on a panel.)