TechFlow, September 9 — According to Cointelegraph, British auction giant Christie's has announced the closure of its digital art department dedicated to non-fungible token (NFT) sales. Going forward, digital artworks will be sold under the broader 20/21st century art category. The reported "strategic decision" includes layoffs of two employees, including its vice president of digital art, although at least one digital art specialist will remain. This move may be linked to a shrinking global art market, with global art sales declining 12% to $57 billion in 2024 and auction houses' combined public and private sales dropping 20% to $23 billion.
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