Philips to accept BTC for Banksy painting
NFTs have become popular in the art world, with some auction houses selling them for millions of dollars in recent months. This has also led the auction houses to start accepting cryptocurrencies as payment options for both NFTs and the regular artworks.Popular auction house Philips has revealed that people can use Bitcoin to purchase the Banksy painting set to go on auction soon. According to the South China Morning Post, the auction house would accept Bitcoin as payment for the Banksy painting, estimated to be worth between $2.8 million and $4.1 million. The auction will take place tomorrow in Hong Kong and is expected to attract a lot of bidding.
The bidding will be conducted in Hong Kong dollars. However, the winner can choose to pay for the art piece in Bitcoin or Ether (ETH). The art piece called Laugh Now Panel A features a forlorn monkey with a sandwich board that has a slogan saying, “Laugh now, but one day we’ll be in charge.”
Jonathan Crockett, chairman of Phillips Asia, stated that “Over the past few years, many have made fortunes in cryptocurrency, and so it was only a matter of time before cryptocurrency starts to be used as a payment method for art and other collectibles.” He added that they had to start accepting cryptocurrencies because of the huge demand from their clients.
Philips said the owner of the Laugh Now Panel A art piece is okay with accepting cryptocurrencies as payment. The mysterious artist is also accepting cryptocurrencies as a means to open up the bidding to a new pool of prospective buyers. The auction house would use Coinbase’s exchange rate to determine how much BTC or ETH the winner will pay if they decide to pay in cryptocurrencies.
Sotheby’s to auction the first-ever NFT
Although NFTs became popular over the past few months, they have been around for a while. Auction house Sotheby’s is set to auction the first-ever NFT. The Nonfungible token was created by Kevin McCoy in 2014, and it was originally minted on the Namecoin blockchain. At the time, the concepts behind NFTs are still new, and most people didn’t understand them.The NFT was later developed on the Ethereum blockchain, and it is now up for sale. The NFT is expected to attract around $160,000.
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