In an auction the 18th November at Sotheby's for the first time in the world cryptocurrency Ether (ETH) for the opera Trolley Hunters and Love Is In The Air (2006) by Banksy.
The revolutionary move marks the first time a cryptocurrency will be used as a standard currency to bid on physical artworks in real time during a live auction. Viewers worldwide will be able to follow the live stream of the auction via Sotheby's social media channels, including the company's dedicated Discord channel, and via Sothebys.com.
Today's announcement comes just months after Sotheby's became the first auction house to accept cryptocurrency as a payment option for a physical artwork, when a separate Banksy painting was offered in the May 2021 Evening Contemporary auction.
Ether, the world's second largest cryptocurrency by market value, is a favorite cryptocurrency for the digital arts and NFT community, as the Ethereum blockchain is the main network where NFTs are minted and transactions recorded. While bid increments for both works will be announced in Ether, winning bidders will have the option to pay the clearing price for each work in fiat currency or in the three cryptocurrencies accepted by Sotheby's: Ether (ETH), Bitcoin (BTC) and USD currency (USDC).
