Christie’s has shut down its digital art department as the NFT market remains stagnant, terminating the roles of two staff members including Nicole Sales Giles. The NFT trading volume plummeted by 45% last quarter.
Despite a 78% rise in NFT sales, floor prices for major collections like CryptoPunks and Bored Apes have dropped significantly. Critics argue that this shift reflects a need for firmer valuations and clearer standards in the NFT sector.
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