Sotheby, a leading auction house and real estate market, has become the latest company to accept Bitcoin and cryptocurrency as payment.
Coinbase announced that it will make all crypto transactions easier for Sotheby’s.
Bitcoin and Ethereum Will Be Accepted
Sotheby, one of the oldest and leading auction houses, announced that they will accept Bitcoin and Ethereum in partnership with the cryptocurrency exchange Coinbase.
Founded in 1744, the firm confirmed at its upcoming auction that the first artwork sold for Bitcoin would be Banksy’s “Love is the Air”.
Sotheby CEO Charles Stewart said in an interview with CNBC that the decision was made based on the growing demand for digital assets.
Talking about the first piece of art to be sold against cryptocurrencies, Stewart emphasizes the following issue:
It’s something we’ve been thinking about for a long time. What better combination to promote the crypto space than the iconic Banksy chart?
During this bull season, the demand for crypto payments skyrocketed. Many leading mainstream giants, Fortune 500 companies such as Tesla, PayPal, and even TIME magazine added support for Bitcoin and other cryptocurrency payment options this bullish season.
Crypto Payments A Growing Case
The NFT craze enabled Bepple to raise a massive $ 69 million paid in Ethereum. This situation caused many artists to enter the cryptocurrency field.
While Bepple cashed those millions as soon as they won, most other celebrities, including American Football stars such as Trevour Lawrence and Sean Culkin, have signed deals with Bitcoin and other cryptocurrencies.
While the 2017 bull run introduced cryptocurrencies to the world, the year 2021 revealed how unfair they are in the criticism of many critics who think that Bitcoin and cryptocurrencies cannot be used as a payment method.
This bull season, Fortune 500 companies and others have noticed that digital assets will remain here and therefore even Dogecoin, once seen as just a joke coin, was used as a form of payment.