Christie's closes NFT digital art department

British auction giant Christie's announced the closure of its digital art department specializing in NFT sales, and will continue to sell digital art through a broader category of 20/21st century art. According to reports, this "strategic decision" comes with the layoff of two employees, including its Vice President of Digital Art, but at least one digital art expert will continue to stay. This move may be related to the shrinking global art market, with global art sales falling by 12% to $57 billion in 2024, and auction house sales declining by 20% to $23 billion.