Sotheby's Auction | 100-carat rare diamond "The Key" to accept cryptocurrency payments

"Key 10138" is the world's first precious gemstone to be auctioned off accepting cryptocurrency as payment. Its name signifies the dawn of a new era in technology and commerce, marking the beginning of a new chapter in human history. "Key 10138" combines human achievements in diamond craftsmanship and digital innovation, connecting to a bright and brilliant future.

Sotheby's will accept cryptocurrency as payment for a rare 101.38-carat pear-shaped diamond called "The Key" at its latest auction, with an estimated auction price that could exceed $15 million. The auction is set to take place on July 9 in Hong Kong, marking the first time Sotheby's has accepted cryptocurrency as payment for auctioned artwork.

The 2021 auction website describes "The Key" as follows:

Graded by GIA as D color, flawless, and Type IIa. Historically, diamonds over 100 carats are extremely rare, and those with top color and clarity are even more so. Type IIa diamonds contain no measurable nitrogen or boron impurities that can be detected by infrared spectroscopy, making up less than 2% of the total diamond production. They are the most chemically pure type of diamond, with exceptional transparency and brilliance.

This 277-year-old art auction house is keeping up with trends, concurrently exploring the NFT market, enabling artist Pak's work to be sold for $16.8 million in April.

Sotheby's stated that if the buyer chooses to use cryptocurrency for the purchase, the transaction will be handled by Coinbase Commerce. Patti Wong, Chairman of Sotheby's Asia, remarked that this is a symbolic moment as the oldest and most symbolic values can now be purchased using the latest universal currency of humanity.

This article is authorized and reprinted from Horizon Next Sumari News, original source here