Sotheby’s Sold A Diamond Worth $12 Million In Cryptocurrency

Sotheby’s sold a diamond worth $12 million in cryptocurrency while the identity of the buyer remains anonymous so let’s find out more in our latest crypto news today.

World-renowned auction house Sotheby’s sold a diamond Type IIa worth $12 million in crypto. The announcement said that the second-biggest pear-shaped diamond ever to be sold publicly was actually sold and the buyer paid in crypto. The auction house didn’t disclose the buyer’s information but according to the updated information shared on the website, the bidder paid using crypto. Sotheby’s announced that it will accept BTC or ETh as a form of payment back in June. The “Key 101.38” sold for $12 million made it the most expensive physical object ever auctioned using crypto. Previously, the crypto space had another historical moment with a sale of an NFT created by Beeple and his “First 5000 days” that was sold for 69 million dollars and made it the most expensive digital artwork in history. This also turned Beeple into the most expensive living artist of today.

According to Sotheby’s disclosure, the pieces of jewelry were chemically analyzed and categorized as Type IIa diamond or the “most chemically pure type of diamond and often have exceptional optical transparency.” As expected, the diamond was delivered with a certificate of authenticity. Accompanied with a GIA report, the diamond is a D Colour, flawless, and accompanied by a diamond type classification letter stating that the diamond is determined to be a Type IIa diamond. These diamonds are the most chemically pure types and often are flawlessly transparent which the GIA report confirmed and accompanied by a monograph.

The auction was live-streamed and attracted a few bidders. The reports said less than a dozen bids were made in the event. The art scene benefited quite a lot from blockchain technology and crypto and as time goes by, more auction houses are accepting crypto as a means of payment which allowed them to increase the spectrum of potential customers. Right after the resounding success of the Beeple NFT sale, Phillips auctioned a piece as well created by Banksy and accepted BTC and ETH as payment. Beyond the usual auctions, Blockchain technology served to boost the career of a few digital artists and blockchain-powered auctions were address registered bids and the ownership of the NFT is passed on to the highest bidder at the end of the scheduled time frame, which served to propel the popularity of artists and digital creators.

A few NFT marketplaces like OpenSea, Rarible, and Nifty Gateway emerged. The blockchain has many unexplored use cases that can benefit the artist like the European court that stripped off the copyrights of the artwork by the anonymous street artist Banksy because his anonymity prevented him from exercising his rights. The proof of digital identity on a blockchain can be perfect for securing ownership of work and artists and technologies are only starting to make a profitable relationship.