Sotheby’s has recently become very famous for selling NFTs. And now they have again gotten the limelight for auctioning a 101-carat diamond which you can buy with crypto. The payments will be accepted only in Bitcoin and Ether due to the sheer cost of the diamond. Reports suggest that the item will be worth nearly $15 million and is the most expensive physical item to be sold for crypto.
The 101-carat diamond you can buy using crypto
There has been an increased demand for precious gems, said the managing director at Sotheby’s. Josh Pullan said that there had been very few diamonds like this one that has come for auction, which makes it really special. And with the increased popularity of crypto, they thought it made sense to accept payment for the gem in that form. In fact, Sotheby’s have seen an increased interest among collectors who want to pay using crypto in general.
This interest comes from the fact that many crypto investors have gotten insanely rich during recent times. Hence they are looking for ways to use their crypto funds. It is also seen that companies that accept crypto as a payment method are more attractive in the eyes of many art collectors. Hence it was empirical for Sotheby to just go ahead and accept crypto for the auction.
What does this signify?
Buying a 101-carat diamond using crypto signifies the value of the currency. A diamond that is treated as one of the most valuable items is being brought with a newfound asset. This clears the air for many as they think Bitcoin has no intrinsic value. Well, in this case, it doesn’t seem so. And if you yourself have Bitcoins amounting to the highest bid, you can become the owner of the diamond.
What are your thoughts on Sotheby’s auctioning the 101-carat diamond and accepting crypto? And if you had the money will you be interested in buying one? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.