{"id":242606,"date":"2021-05-04T21:21:36","date_gmt":"2021-05-04T18:21:36","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/sothebys-to-accept-bitcoin-ethereum-in-banksy-auction\/"},"modified":"2021-05-04T21:21:36","modified_gmt":"2021-05-04T18:21:36","slug":"sothebys-to-accept-bitcoin-ethereum-in-banksy-auction","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/sothebys-to-accept-bitcoin-ethereum-in-banksy-auction\/","title":{"rendered":"#Sotheby\u2019s to accept bitcoin, Ethereum in Banksy auction"},"content":{"rendered":"

“#Sotheby\u2019s to accept bitcoin, Ethereum in Banksy auction<\/strong>”<\/p>\n

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Sotheby\u2019s is jumping in on the crypto craze.<\/p>\n

The 277-year-old luxury auction house said it will accept bitcoin and ether, the digital token of the Ethereum blockchain, for payment in its auction next week of Banksy\u2019s \u201cLove is in The Air\u201d<\/a> masterpiece.<\/p>\n

Sotheby\u2019s said in a statement that it\u2019s the first time a major auction house will accept cryptocurrency as payment for a physical piece of art.\u00a0<\/p>\n

\u201cFittingly, the pairing brings together the biggest disruptor in finance with one of the most notable disruptors in the art world \u2013 Banksy,\u201d Sotheby\u2019s wrote in a statement Tuesday.<\/p>\n

Sotheby\u2019s said it partnered with crypto exchange Coinbase to facilitate bidding, which is estimated at $3 million to $5 million.\u00a0<\/p>\n

The auction house began to flirt with the crypto world in March, when it announced that it would auction off a series<\/a> of non-fungible tokens, or NFTs, which are digital assets that represent ownership of virtual items like art and sports memorabilia. <\/p>\n

\"Cryptocurrency
Cryptocurrency will be used for the first time at a major auction house in the Banksy listing.<\/figcaption>
Costfoto\/Barcroft Media<\/a> via Getty Images<\/span><\/figcaption><\/figure>\n

Ownership of NFTs are recorded on a blockchain network, which supports cryptocurrencies such as bitcoin and ether.\u00a0<\/p>\n

\u201cIt may well be that the winner of this painting pays in dollars and not crypto, but I think for us, creating the possibility for this is interesting,\u201d Sotheby\u2019s CEO Charles Stewart told CNBC<\/a>. \u201cThere\u2019s clearly a large audience interested in the NFT aesthetic and possibility there. Why wouldn\u2019t that extend to the physical art world, as well? It will be very interesting to see.\u201d<\/p>\n

Some NFTs have\u00a0fetched jaw-dropping prices\u00a0in recent months. The first NFT sold by Sotheby\u2019s rival Christie\u2019s was bought for more than $69 million. <\/p>\n

Bitcoin is the largest cryptocurrency in the world, according to Coinbase, with a market capitalization of nearly $1 trillion. Ether is the second largest, with a market cap of about $370 billion.\u00a0<\/p>\n

The prices of both have skyrocketed in recent months, thanks to cheerleading by big-name business leaders like Mark Cuban and Elon Musk. <\/p>\n

\"\u201cLove
\u201cLove is in The Air\u201d from Banksy seen at an exposition at the MOCO museum in Amsterdam, Holland.<\/figcaption>
Alamy Stock Photo<\/span><\/figcaption><\/figure>\n

The adoption of the crypto world by institutions such as Morgan Stanley, Goldman Sachs and other major US companies has also pushed the prices higher. The adoption by Sotheby\u2019s is another indicator of growing adoption of digital tokens.\u00a0<\/p>\n

But critics have slammed the run-up of crypto prices as pure speculation of digital assets that could end up being worthless. <\/p>\n

Berkshire Hathaway Vice Chairman Charlie Munger said Saturday that the rise of bitcoin is \u201cdisgusting and contrary to the interests of civilization.\u201d<\/p>\n

\u201cOf course I hate the bitcoin success,\u201d Munger, 97, said during a Q&A session at Berkshire\u2019s annual shareholder meeting. \u201cI don\u2019t welcome a currency that\u2019s so useful to kidnapp<\/a>ers and extortionists and so forth, nor do I like just shuffling out of your extra billions of billions of dollars to somebody who just invented a new financial product out of thin air.\u201d\n <\/p><\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Sotheby\u2019s to accept bitcoin, Ethereum in Banksy auction” Sotheby\u2019s is jumping in on the crypto craze. The 277-year-old luxury auction house said it will accept bitcoin and ether, the digital token of the Ethereum blockchain, for payment in its auction next week of Banksy\u2019s \u201cLove is in The Air\u201d masterpiece. Sotheby\u2019s said in a statement…<\/p>\n","protected":false},"author":1,"featured_media":242607,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/05\/sotheby-banksy-84.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[74862,104401,116,70728,88006,76127,70535],"class_list":["post-242606","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-5-4-21","tag-art","tag-auctions","tag-banksy","tag-cryptocurrency","tag-sothebys"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/242606","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=242606"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/242606\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/242607"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=242606"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=242606"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=242606"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}