A world-leading auction and real estate company, Sotheby’s is the latest entry into the club of cryptocurrency companies, and to be more precise bitcoin and ethereum, as a means of payment. The company will use the services of Coinbase for this purpose.
Founded in 1744, Sotheby’s is the first company in history to sell a bitcoin artwork at auction. This is Banksy’s work “Love is in the Air”. Sotheby’s CEO Charles Stewart said in an interview with CNBC’s Squawk Box that the decision was made due to growing demand for digital data.
Speaking about the first work of art to be sold for cryptocurrencies, Stewart said:
“This is something we have been thinking about for a long time. What better combination than presenting cryptocurrencies with a virtual Banksy board.”
Demand for cryptocurrency payments has risen dramatically in the wake of the skyrocketing value of cryptocurrencies, as many large, established companies, such as Tesla, PayPal, TIME magazine and many others, have added cryptocurrency payments in the available payment options.
Another area that is fuelling the growing demand for these payments is the frantic demand for NFT, a demand that brings artists to the field of cryptocurrencies.