Sotheby’s has announced that it will be running auctions that accept payments in Ethereum, and this is not the first time the auction house has used cryptocurrency for payment. However, this is the first time that she has accepted direct bids in ETH. Sotheby’s made a name for itself this year as one of the first auction houses to accept crypto payments earlier this year.
Sotheby’s also started expanding its presence in space by turning famous works of art into NFTs.
The auction house sold a rare work of art from Muhammad Ali’s War of the Century as an NFT. It is leading the largest cryptocurrency diamond sales as Sotheby’s successfully sold a $ 12.3 million worth of 1010.38 carat crypto diamond that was processed through Coinbase Commerce. Accepting direct bids at ETH is a step before we redefine how works of art are collected and paid for.
Banksy art is one of the most popular street art works and this artist is the most popular anonymous street artist in recent times. Artists whose pseudonyms remain unknown to the public have auctioned works that have been auctioned for tens of millions. This isn’t the first time the platform has sold the artist’s work, and Banksy’s artwork sold for $ 12.9 million at the 300-year-old auction house. Sotheby’s will auction two of the artist’s works, both physical works and not NFTs, and the auction is scheduled for next week and includes an online ETH auction for both works.
Live auctions are held for Banksy’s “Flying Love” and “Cart Hunter” and are available to auction collectors. The final price for the piece can be paid by the buyer in crypto or fiat. Metaverse is still in the spotlight right now, especially after social media giant Facebook announced that it will change its name to META for its Metaverse launch. All Metaverse-related tokens soared after the announcement, but before Facebook switched to META, it made its own announcement.
Sotheby’s launched the NFT space with the launch of its own Metaverse marketplace, offering auction house-managed Ethereum NFTs for sale. Sotheby’s co-head of digital art sales said:
“With Sotheby’s Metaverse, we will create a new industry ecosystem that will serve as a destination for the most demanding auctions and sales of digital art and will place Sotheby’s at the center of a number of key activities in the NFT industry.”