Cryptocurrencies have many use cases, feeding vanity and exclusivity being one of them.
Sotheby’s, one of the world’s most famous auction houses, announced yesterday the sale of the second largest pear-shaped diamond, with the buyer paying for it in cryptocurrency.
The auction house did not reveal its winner’s information, but according to updated information shared on the auction house’s official website, the mysterious buyer paid for the diamond using cryptocurrencies.
Sotheby’s previously announced in June that it would accept Bitcoin or Ethereum as a form of payment.
Diamond purchase with cryptocurrency:
The “Key 101.38” diamond sold for about $12 million, making it the most expensive physical object ever auctioned using cryptocurrency.
Previously, the cryptocurrency world had another historic moment after the sale of an NFT digital painting created by digital artist “Beeple” for more than $69 million, making it the most expensive digital artwork in history.
This also turned “Bepple” into one of the 3 most expensive living artists in the world.
According to Sotheby, the piece of jewelry has been chemically analyzed and classified as a type IIa diamond, which is the most chemically pure of all diamonds and often has exceptional optical transparency.
After the sale and as expected, the diamond was handed over to the buyer with a certificate of authenticity, accompanied by a report from the Kuwait Investment Authority, stating that the diamond, unblemished, was also accompanied by a diamond-type rating letter stating that the diamond was identified as a type IIa diamond.
The auction was offered live online, but it attracted only a few bidders.
According to reports, only ten performances took place during the event.
Mixing art with crypto:
The art scene has benefited greatly from blockchain technology and cryptocurrency.
Over time, more and more auction houses are accepting cryptocurrencies as a method of payment, which has allowed them to increase the spectrum of their potential customers.
Shortly after the resounding success of selling the “Beeple” board, a flood of artworks emerged accepting cryptocurrency payments.
But unlike the usual auctions, blockchain technology has boosted the careers of many digital artists.
Blockchain-powered auctions have accelerated and reduced procedures while ensuring the authenticity of the work and its resistance to tampering.
Blockchain technology has also led to the emergence of many NFT markets such as “Rarible”, “OpenSea” or “Nifty Gateway”.
The aforementioned sale of a diamond in cryptocurrency shows the scale of cryptocurrency adoption and how it has become so popular that one of the world’s largest diamonds is sold through it.