Sotheby's will start accepting cryptocurrency in its upcoming auction

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Sotheby's will start accepting cryptocurrency in its upcoming auction

Art lovers will soon be able to pay for Banksy through bitcoin and ether online.

Banksy announced on Tuesday that it would start accepting both cryptocurrencies as payment in its forthcoming auction of street artist Sotheby's painting Love is In The Air.The move is a first for a live art auction, signaling that the payment will become more widely accepted.

On May 12, Sothebys is selling the New York-based artist's iconic image Love is in the air, a symbol of peaceful protest featuring an illustration of a man throwing a bouquet of flowers into the air.The bidding is estimated between $3million and $5million and the buyers will be able to pay with cryptocurrency through Coinbase Commerce or in US dollar notes.

With the increasing adoption of digital art and NFTs, along with our increased focus on digital innovation, we've seen an increasing appetite among collectors for more seamless payment options when completing a transaction with Sotheby's, said Stefan Pepe, Sotheby's Chief Technology Officer, in a statement.

Leveraging the trusted coinbase network is a natural progression and is in line with our commitment to developing client buying experiences and expanding new ways to meet them wherever they are.

In recent months the art world has been leaning to cryptocurrency, particularly with digital tokens, a non-fungible asset that can be verified using blockchain technology.A digital work by the artist Mike Winkelmann, Everydays The first 5000 Days sold in March for almost $70 at the Christie's auction house, the first major auction house to offer a digital work with an NFT.

The mainstream companies are now taking bitcoin.British Coffee and other traditional items are reloading Starbucks cards through the company's app, Bakkt, before the network began testing out a system to allow customers to pay for coffee and other items using Bitcoin.According to the developers, Bakkt will also partner with national companies like Fiserv, GolfNow, Choice Hotels and the financial services company Best Buy in the near future.

Tesla also accepts bitcoin as a payment form of payment for its vehicles.In March, Elon Musk said that Bitcoin from Tesla will be converted into Bitcoin and not accepted as fiat currency.

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