World’s Leading Auction and Real Estate Firm Sotheby to Start Accepting BTC & ETH via Coinbase

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Sotheby, one of the oldest and leading auction houses has announced that they would be accepting Bitcoin and Ether in partnership with cryptocurrency exchange Coinbase. Established in 1744, the firm first confirmed that the first piece of art sold against Bitcoin would be Banksy’s “Love is in the Air” at its coming auction. Sotheby’s CEO Charles Stewart in an interview with CNBC said that the decision was made based on the growing demand for digital assets.

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Talking about the first art to be sold against cryptocurrencies, Stewart said,

“It’s something we have been thinking about for quite some time, What better combination to introduce crypto than an iconic Banksy painting.”

This bull season the demand for crypto payment has skyrocketed as many leading mainstream giants and Fortune 500 companies including Tesla, PayPal, and even TIME magazine has added support for Bitcoin and other cryptocurrency payment options this bull season.

Crypto Payments a Growing Phenomenon

The NFT craze has brought crypto payments for artists to the mainstream where Bepple bagged a whopping $69 million paid in Ether. While Bepple cashed out as soon as he made those millions, but most of the other celebrities including American Football stars including Trevour Lawrence and Sean Culkin have signed to get paid in Bitcoin and other cryptocurrencies.

While the 2017 bull run put cryptocurrencies on the world map and despite the raging criticism around its volatility 2021 has proven to eradicate most of that criticism including Bitcoin not being used in the real world or crypto not being suitable enough to act as a form of payment. This bull season Fortune 500 companies and many others have realized that digital assets are here to stay and thus even Dogecoin which was once seen as mere meme currency is being used as a form of payment.

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Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

About Author

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

Source: https://coingape.com/breaking-worlds-leading-auction-and-real-estate-firm-sotheby-to-start-accepting-bitcoin/