Sotheby, one of the oldest and most important auction houses, announced that it will accept Bitcoin and Ethereum in partnership with Coinbase, a specialist in cryptocurrency trading.
The company “Sotheby” was founded in 1744.
The company has confirmed for the first time that the first piece of art to be sold for Bitcoin will be the painting “Love is in the Air” by “Banksy” at its next auction.
Charles Stewart, CEO of Sotheby, said in an interview with CNBC that the decision was taken based on the growing demand for cryptocurrencies.
“Stewart” talked about the first artwork that will be sold in the form of a public auction against cryptocurrencies, as he stated about that by saying:
It’s something we’ve been thinking about for some time.
Accepting this would provide the best combination of introducing the cryptocurrency and the popular Banksy board.
The demand for cryptocurrency payments has increased in the current bullish season, as many leading giants including Tesla, Paypal and even TIME magazine have added support for bitcoin and other cryptocurrency payment options.
Accepting cryptocurrency payments is a growing phenomenon:
The craze for non-exchangeable digital tokens has brought artists to the crypto arena as they display their artwork in the form of NFT and get their financial returns in cryptocurrency
While the 2017 rally of cryptocurrencies put cryptocurrencies on the world map and despite heavy criticism about its volatility, 2021 has proven to eliminate most of those criticisms including the lack of use of Bitcoin in the real world or the inappropriateness of the cryptocurrency to act as a form of payment.
The big companies in the current revolutionary season of Bitcoin have realized that digital currencies are here to stay, and thus the “Dogecoin” that was seen as a joke coin is being used as a real payment method.