Crypto enthusiasts were disappointed by one of the most recent Sotheby’s auctions. It sold a massive 101.38-carat diamond for HKD 95.1 million ($12.3 million) to an unidentified buyer.
Most crypto enthusiasts were dissatisfied because, despite previous success selling items for cryptocurrency, the auction house still favors traditional currencies. Furthermore, Sotheby’s staff confirmed before the completion of the auction that bitcoins and Ethereum would be accepted as payment methods. Whether it was sold for tokens or not, such a spectacular lot, according to members of the crypto community, might play a key role in adopting digital currencies, becoming its “next milestone.”
More than a dozen offers for a flawless pear-shaped diamond, but the final price was less than the estimated worth of $15 million. According to Sotheby’s, this jewel was the most value tangible item that was purchased using cryptocurrency.
Employees at the auction house were as astonished as digital currency enthusiasts by the results of the trades. Since this was one of the few instances where a lot paid in cryptocurrencies was later sold for fiat money. The Internet source code, which was sold in NFT form for $5.4 million by its creator, Tim Berners-Lee, was the most recent high-profile sale for Sotheby’s.
Auctions’ attempt to to entice cryptocurrency aficionados by providing them one-of-a-kind lots of BTC, ETH, and other tokens is increasing. However, no lot sold in digital currency equivalents has yet to “beat” Beeple’s “Everyday: the First 5,000 Days,” which sold for a record $69.3 million.