Sotheby's Another Breakthrough! Using ETH as the bidding unit, setting up a virtual exhibition hall on Decentraland
The auction giant Sotheby's, following the launch of Sotheby's Metaverse last month, announced another innovative move on Twitter yesterday. In the "The Now Evening" auction event scheduled for 11/18, the artwork of the renowned street artist Banksy will be auctioned using ETH as the bidding currency.
ETH ๐ BANKSY ๐ BID
For the first time at auction, Sotheby's will be bringing down the hammer in $ETH on two iconic Banksy paintings in The Now sale. #web3 #SothebysNow
โ Sotheby's Metaverse (@Sothebysverse) November 11, 2021
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The Now Evening Auction
The "The Now Evening" auction will be held at Sotheby's in New York, hosted by auctioneer Oliver Barker, with the auction scheduled for 2:00 AM Taiwan time on 11/19. According to Sotheby's official website, the art pieces up for auction are among the most exciting and avant-garde works in the art market in the past 20 years, with the most well-known piece being "Nice to See You Again" by the contemporary Japanese artist Yoshitomo Nara.
Bidding with ETH
This auction will include two pieces by the renowned street artist Bansky, namely "Love is in the Air" and "Trolley Hunters." What makes this auction unique is that during the bidding process for these two pieces, bids will be accepted in ETH as the bidding unit, and payments will be accepted in cryptocurrencies such as Bitcoin and Ether.
In past auctions, Sotheby's has accepted cryptocurrency payments, but using cryptocurrency as the bidding unit is a first in history.
Decentraland Virtual Exhibition
To promote this auction, Sotheby's has created a virtual exhibition in its Decentraland headquarters, showcasing the background stories and features of the two paintings mentioned above. If you are interested in these two pieces, you can also place bids online on the official website during the auction and watch the auction live via Discord.
