Sotheby’s To Bid A Rare Diamond Of $15M In Exchange Of Bitcoins And Ether

On July 9, Sotheby’s, a New York-based auction house, will organize an auction of a rare pear-shaped diamond that can be purchased using Bitcoin or Ether.

According to Sotheby’s, the pear-shaped perfect diamond might fetch up to $15 million in a single-lot sale in Hong Kong, making it the most expensive physical object ever publicly offered for purchase using bitcoin.

According to Reuters, this is the first time a diamond of this size has been offered for public purchase in virtual currency. Only ten diamonds over 100 carats have ever been sold at auction, and only two of them were pear-shaped.

Via Sotheby’s

The auction caught many eyes and twitter is filled with hefty of positivity about the crypto auction.

meanwhile, Sotheby’s despite auctioning physical things online, the auction house also conducted an NFT (non-fungible token) sale of the World Wide Web’s source code.

The Acceptance Of Virtual Currencies

Phillips offered a painting by street artist Banksy for Ether or Bitcoin last month, demonstrating how auction houses are increasingly taking cryptocurrency as payment. In February, Christie’s accepted Ether as payment for a series of digital artworks.

Why Diamonds In Auction?

White diamonds, jewellery, and other luxury items were in high demand last year, according to Sotheby’s, particularly among younger people, notably those in Asia.

The colourless diamond’s name, Key 10138, is meant to highlight the crucial role that keys play in the cryptocurrency realm.

Diamonds in the shape of pear are among the most popular. The most renowned example is the 530 carats Cullinan 1 diamond, which is part of the Crown Jewels of the United Kingdom.

A 118.28-carat oval that sold for $30.8 million (approximately Rs 228.52 crore) at Sotheby’s in Hong Kong in 2013 set a new record for a colourless diamond at auction, with a record price per carat of $260,252.

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