At the start of 2021, NFTs were a niche technology most often discussed online among in-the-know tech nerds. By early spring, they were everywhere: plastered on the front pages of mainstream news sites, discussed feverishly in workplaces, invoked at kitchen tables across the world, and mocked and ogled on late-night television. 

One particular event from that timeframe looms large: On March 11, digital artist Mike “Beeple” Winkelmann sold an Ethereum NFT work, “Everydays: The First 5000 Days,” for a record-shattering $69.3 million at a Christie’s auction. Within minutes, news publications and social media accounts began breathlessly attempting to dissect the sale, and the curious new technology at its center. 

The Beeple sale not only helped remake public understanding of NFTs; it also permanently altered the auction house behind it. In the aftermath of the auction, Christie’s—a 257-year-old institution until then best known for handling masterwork paintings, fine jewelry, and historical artifacts—suddenly found itself with first-mover advantage at the crest of a new technological frontier. 

In the months following March 2021, the auction house seized on that head start by establishing multiple new wings of the company, including

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Author: Sander Lutz

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