An auction house in London has accepted cryptocurrency for a Banksy painting, and the sale will be handled through blockchain. The artwork is one of Banksy’s most famous pieces, and it is expected to sell for around $1 million.
The auction crypto price prediction is a popular Phillips auction house that has accepted cryptocurrency for Banksy’s artwork.
3 minutes ago | 2 months ago
- Phillips Auction House now accepts Bitcoin and Ethereum as auction payments.
- The artwork “Laugh Now Panel A” by Banksy will be auctioned in Hong Kong in the near future.
- The artwork is valued in the millions of dollars.
The prestigious Phillips auction house has announced that it would accept digital asset payments for auctions. The artwork of Banksy’s “Laugh Now Panel A” will be on display at the forthcoming auction. The artwork is believed to be valued between $2.8 million and $4.1 million dollars. On Tuesday, June 8th,2021, the sale will take place at a 225-year-old auction house in Hong Kong.
Payments in Digital Currency for Digital Artwork
The artwork of digital artist Banksy’s ‘Laugh Now Panel A’ is on display at Phillips auction house. The artwork is worth between $2.8 million and $4.1 million dollars. The British auction team intends to accept Bitcoin and Ethereum as payment.
The sale also conducts bidding for digital artwork, according to the South China Morning Post. The value in Hong Kong Dollars will be covered by the bidders. However, it also accepts cryptocurrency payments via Coinbase, a US-based exchange. It further said that crypto payments are accepted as the number of cryptocurrency users grows.
Jonathan Crockett, the chairman of Phillips Asia, also has a stake in the company.
“Many people have earned fortunes in bitcoin over the last few years, so it was only a matter of time until cryptocurrency was utilized as a payment mechanism for paintings and other collectibles.”
Banksy’s Artwork Is Amazing
Several of Banksy’s artworks have recently been auctioned for crypto assets and feature digital and blockchain themes. The digital artist’s whole body of work was auctioned for astronomical sums. His paintings capture the attention of the audience since they communicate a good idea via art.
Furthermore, Sotheby’s chose to sell Banksy’s artwork last week. The oil and spray artwork dubbed “Love is in the Air” sold for a noteworthy price of US$12.9 million. This price was also much more than the initial estimate.
As the crypto business expands to accommodate more consumers, the source and service of crypto also expands. Auction House enables many digital investors to spend their virtual money in the real world by accepting crypto assets.
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