Sotheby’s accepts bitcoin and ETH to buy the diamond at auction

Major auction house Sotheby’s accepts bitcoin and ethereum for the ‘The Key 10138’ diamond auction , valued at an estimated $ 10-15 million. 

On 9 July 2021, during the Sotheby’s Luxury Edit in Asia, there will be the auction dedicated to the 101.38 carat pear-shaped diamond with D Flawless color , payable also and for the first time in BTC or ETH . 

According to what Sotheby’s itself communicated , this is an “unprecedented move” . And in fact, apparently, no other physical item with a rating of this caliber has ever been publicly offered for purchase with cryptocurrency.

Specifically, Sotheby’s points out as follows:

“The diamond will be offered in a one-lot live sale at Sotheby’s Hong Kong on July 9, 2021, with offers open online from June 25, 2021. While fiat will be accepted as usual, payment in Ether or Bitcoin will also be possible – facilitated through Coinbase Commerce , one of the largest cryptocurrency exchanges in the world. “

The reason that prompted the famous auction house to accept cryptocurrencies seems to refer to their explosive entry into the world of art . And in fact, if you think about the NFT or Non-Fungible Token market , you can see how this combo has well combined the two sectors: art and crypto. 

Not only that, even the name of the diamond “The Key 10138” seems to have been chosen specifically to inaugurate the event.

Sotheby’s accepts bitcoin: diamonds, art and crypto the new universal combination

The diamond auctioned at Sotheby’s seems to be an extremely rare jewel, characterized by its 101.38 carats, but also by its pear shape that recalls that of Cullinan I – perhaps the most famous diamond in the world. 

Not only that, Sotheby’s describes that there are fewer than ten diamonds of this importance of over 100 carats that have never arrived at auction, and that only two of the ten are pear-shaped . Basically, the appearance of this flawless gem is already a historical event in itself.

Not satisfied with the precious jewel, the integration of bitcoin and ethereum as a payment method makes the event totally unique in its kind. 

In this regard, Wenhao Yu , Vice President of Sotheby’s Jewelery in Asia, commented: 

“This is a truly symbolic moment. The oldest and most emblematic denominator of value can now, for the first time, be bought using humanity’s newest universal currency. There has never been a better time to bring a world-class diamond like this to market. “

And then he added:

“Diamonds are the keys to understanding the history of the Earth, reminding us of our human condition and the transcendental power of beauty. With the name ‘The Key 10138’, we wanted to celebrate this enlightening virtue, also alluding to the crucial function of digital keys in the world of NFTs and cryptocurrencies ” .

NFTs are continuously depopulating in the crypto sector. Recently, the exchange giant Binance also announced the news in view of its new NFT marketplace which will be public from June 24, 2021. 

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