March 28, 2024

Sotheby's auction house to sell Banksy painting for cryptocurrency

Auction house Sotheby's will accept cryptocurrency as payment for Banksy's painting "Love is in the Air"air" (“Love Is in the Air”). Sotheby's CEO Charles Stewart announced this on CNBC.

To accept payments in digital currency, the company entered into a partnership agreement with the crypto exchange Coinbase

According to him, this is the first physical lot thatwill be sold by an auction house for digital currency. To accept cryptocurrency payments, Sotheby's has entered into a partnership agreement with the Coinbase crypto exchange.

“What better way to represent cryptocurrency than the iconic Banksy painting,” said Sotheby’s CEO.

The auction house sold last month fora cryptocurrency collection of NFT tokens tied to the works of the anonymous digital artist PAK. In just two days, tokens worth $ 16.8 million were sold. The sale of NFT took place in cooperation with the Nifty Gateway marketplace.

Sotheby's is one of the world's largest and oldest auction houses, which was founded in 1744. The bulk of the auction house's lots are luxury items and art.

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