Sotheby's, one of the world's oldest auction houses, now accepts cryptocurrency as payment via Coinbase Commerce, the exchange said in a blog announcement. As Sanchan Saxena, Vice President, Ecosystem at Coinbase said, the trading platform will support payment estimated in the "eight-figure range."
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"The May 12th auction will be conducted in USD, but the buyer and artist will have the option to transact in either crypto or fiat currencies," Saxena added.
Coinbase will manage "price fluctuations" if the auction's winner wants to use cryptocurrency, Saxena emphasized. However, for Sotheby's this is not the first time when it deals with the cryptocurrency market. In April, the auction house launched a three-day sale and auction of Pak’s NFTs (non-fungible tokens).
As iHodl earlier reported, the British auction house Christie's also sold an NFT by artist Mike Winkelmann, aka the digital artist Beeple, for a total of $69,346,250, which made the creator to be among the most expensive living artists to date.
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