Sotheby’s Will Accept Ethereum Live Bids For Banksy Art Pieces

Sotheby’s will accept Ethereum live bids for popular Banksy art pieces according to the announcement that we have in our latest Ethereum news.

Sotheby’s announced that it will start holding auctions where it will accept payments in Ethereum and this is not the first time that the auction house will take crypto for payments. However, this will be the first time that it will be accepting live bids in ETH. Sotheby’s made its mark in the space as one of the first auction houses that will accept payments in crypto earlier in the year.

Sotheby’s also started expanding its presence in the space by turning famous artworks into NFTs. The auction house auctioned off a rare artwork of Muhammad Ali’s Fight of the Century as an NFT. It is the leader for the biggest diamond sale for crypto as Sotheby’s successfully sold a 1010.38 carat diamond for crypto worth $12.3 million which was processed via Coinbase Commerce. Accepting live bids in ETH is another step ahead when it comes to redefining how the art is collected and paid for.

The Banksy art is one of the most popular art seen on the streets and the artist is the most popular anonymous street artist of recent times. The pseudonymous artist will remain unknown to the public that sold pieces sold for tens of millions at auctions. This will not be the first time that the platform will be selling pieces from the artist and the Banksy artwork had sold for $12.9 million at the 300-year old auction house. Sotheby’s will be auctioning two of the pieces of the artist and both of these pieces are physical works and not NFTs and the auction is scheduled to take place in the next week and will feature live ETH bids for both pieces.

The live auction will be held for Banksy’s “Love is in the Air” and “Trolley Hunters” which will be available for collectors to bid on. The final price for the piece can be settled by the buyers in crypto or fiat. The metaverse is still at the center of attention right now especially after the social media giant Facebook announced that it will be changing the name to META for its metaverse launch.
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All of the metaverse-related tokens soared after the announcement but before Facebook turns to META, Sotheby’s made its own announcements.

Sotheby’s had launched into the NFT space with the launch of its very own metaverse marketplace and features Ethereum NFTs that are curated by the auction house available for sale. Sotheby’s co-head of digital art sales said:

 “With Sotheby’s Metaverse, we will create a new industry ecosystem that serves as a destination for the most sophisticated digital art sales and auctions, positioning Sotheby’s at the center of some of the most important NFT industry activity.”