One of the most popular auction houses in the world, Sotheby's, now accepts two major cryptocurrencies as a form of payment.
An increasing number of companies have begun to accept digital currencies as a payment alternative, taking the asset class that had been snubbed by traditional financial institutions a few years ago one step closer to the mainstream.
Sotheby's will allow you to pay for artwork using Bitcoin and Ethereum
Elon Musk's Tesla has already been accepting bitcoin as a form of payment for its electric cars for some time. And also the PayPal payment giant (PayPal shares - 2PP ticker) now allows users to buy, sell and own four cryptocurrencies on its platform. In addition, the leading online shopping platform eBay is considering cryptocurrencies as a form of payment for its more than 185 million customers, according to rumors.
Sotheby's has already made great strides to integrate cryptocurrencies into its network. Sotheby's chief executive Charles F. Stewart revealed in an interview with CNBC's Squawk Box that the company will accept bitcoin and ethereum as a form of payment for physical artwork, as well as digital artwork. This was made possible by partnering with US-based cryptocurrency exchange Coinbase.
“We are really excited to make this happen. It's something we've been thinking about for some time ”.
Stewart says Sotheby's attracted the attention of more than 3.000 bidders when selling its NFT a few weeks ago. Hence, integrating bitcoin payments seemed like a very natural course of action for them. According to him, the auction house is seeing growing interest from cryptocurrency investors who want to participate in the physical world, in a way that wasn't possible before.
When asked whether the company will keep the cryptocurrency on its balance sheet or convert payments to dollars immediately, Stewart speculated that it will ultimately be the decision of the owners of the artwork, although cash payments will also be available.
Additionally, art lovers will be able to bid on one of Banksy's most famous artwork "Love Is In The Air" - estimated at $ 3-5 million - with bitcoin and ethereum next week. “What better combination to introduce cryptocurrency than an iconic Banksy painting,” said Stewart.
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