Sotheby Partners With Coinbase to Accept Digital Currencies

Deepshikha  |  May 5, 2021

British founded American international Sotheby has declared that the leading auction house has partnered with Coinbase and will start accepting Bitcoin and Ethereum. 

The announcement made on Tuesday was linked with their partnership with Coinbase.

Sotheby Partners With Coinbase 

Chief Executive Officer of Sotheby, Charles F. Stewart announced that;

“The leading auction house will start accepting Bitcoin and Ethereum during the Tuesday broadcast of CNBC's "Squawk Box". “We are really excited to make this happen. It's something we have been thinking about for quite some time.”

Clearly, the signs of excitement and clarity in the move can be observed. The move of partnering to accept Bitcoin and Ethereum provides a clear indication of the growing acceptance of digital currencies in the hearts of the new generation.  

Stewart also pointed that “Art lovers will be able to bid for "Love Is in the Air," the most famous painting by pseudonymous British street artist Banksy, with crypto next week.”

Sotheby’s First NFT Sale 

The New York-based auction house in partnership with Coinbase Commerce processes the crypto payments in Bitcoin and Ethereum. On questioning about  the decision to keep the cryptocurrency as it is or to convert it into fiat, Stewart concludes the answer by merely saying that:

“That will ultimately be up to them.”

Sotheby’s first NFT sale happened in mid-April. The first non-fungible token auction was followed by the selling of NFT, a digital collage in March by the American artist Beeple for $69.3 million at Christie's, that grabbed mainstream headlines in the newspapers.

The official announcement from the website reads;

'The sale is – in collaboration with digital creator Pak – launched a three-day sale and auction of Pak’s NFTs (non-fungible tokens). The collection, known as ‘The Fungible’, was sold exclusively through Nifty Gateway, the leading marketplace for NFTs.'

The Sotheby’s x Pak ‘The Fungible’ sale achieved at least two records: the most number of Open Editions and the most number of bids for an auction item on Nifty Gateway.”

 

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