A Banksy is bought with cryptocurrencies worth $ 12.9 million at Sotheby’s

Banksy’s artwork called “Love is in the air” has gone on to auction for $ 12.9 million, reaching that price in just 14 minutes. What is especially remarkable about this sale is that the payment of Banksy’s work will be paid with cryptocurrencies, becoming the first physical work sold with cryptocurrencies in the world.

Just a few hours ago on May 13, the prestigious auction house Sotheby’s confirmed that the payment method for the sale of the iconic Banksy work would be paid in full with cryptocurrencies, thus creating a milestone by being the first physical work sold with cryptocurrencies.

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A very relevant aspect of the exchange would be to know which cryptocurrency will be used for the final payment, unfortunately the auction house has not specified which crypto asset was chosen. One could speculate that it is surely Bitcoin or Ethereum, as they announced a few weeks ago that they would accept both BTC and ETH.

The 277-year-old luxury auction house wanted to join the new financial era and chose a work by Banksy to create this milestone, due to the link between the artist and Bitcoin and other cryptocurrencies as mentioned by Sotheby’s :

“Fittingly, the match brings together the biggest disruptor in finance with one of the art world’s most notable disruptors: Banksy.”

Sotheby’s already flirted with assets related to blockchain and cryptocurrencies in March, announcing that they would sell a series of works that were non-fungible tokens (NFTs), the technology used by the new movement of crypto art thanks to the tokenization of art. .

Cryptocurrency use cases expand in the art industry

Art is an industry in full swing in which there are almost no barriers. The art industry has been one of the first sectors to adopt the benefits of non-fungible tokens, the so-called NFTs.. In short, this technology allows proving the ownership of a digital piece creating the possibility of selling digital art without worrying about duplicates, the crucial thing is that thanks to the technology the owner can certify the ownership of a digital asset.

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Crypto art

Crypto art

Thanks to NFTs, many artists are making a living thanks to this new global market. Among its advantages, this technology represents a security seal against plagiarism, as Lorena Ortiz, partner and founder of Bitcoin Embassy Bar, mentioned to BeInCrypto, where NFT galleries have been exhibited:

In addition to providing ownership and security to both buyers and creators, the NFTs have created huge sales of artistic works that could not have been possible before, the biggest sale was Beeple’s work, “Everydays: The First 5000 Days”, which was sold at Christie’s auction house for nearly $ 70 million.

If you want to learn about the meaning and relevance of NFTs, BeInCrypto invites you to watch the video series with crypto artist Javier Arrés where various aspects of NFTs are studied and how it can change artists’ lives:

The post A Banksy is bought with cryptocurrencies worth $ 12.9 million at Sotheby’s was first seen on BeInCrypto.

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