Christie’s Scales Back on NFTs as Art Market Faces Decline

UK auction giant Christie’s is reportedly closing its department that handles non-fungible token sales, now putting it under a broader department amid a global decline in the art market.

The “strategic decision” will see the 258-year-old British auction house continue to sell digital art such as non-fungible tokens (NFTs), but now within the larger 20th and 21st-century art category, according to a Monday report from Now Media, citing a statement from a Christie’s spokesperson.

At the same time, Now Media reported the auction giant laid off two…