Using bitcoin, a mystery buyer paid $12.3 million for a large, extremely rare 101.38-carat diamond at a Sotheby's auction. They call it "The Key 10138.” It says it is the second-largest pear-shaped gem ever sold, calling the sale a "milestone" in adopting cryptocurrency at auction.
The diamond was the most valuable physical item ever made available for cryptocurrency payment in a public setting. It was cut from a rough stone found in South Africa in 2018. It is the most extensive D-color, a flawless jewel to ever be offered.
The winning bidder has not been revealed, but Sotheby's said the buyer is a "private European collector" and has made history by becoming the first person to use cryptocurrency to purchase a gem of such value. This sale is sure to pave the way for more high-value crypto transactions in the future.
According to Wenhao Yu, Deputy Chairman of Sotheby's Jewellery in Asia, diamonds are essential to understanding Earth's history because they serve as a constant reminder of the fragility of human existence and the transformative power of beauty. We chose the name "The Key 10138" to honor this enlightening quality while also referring to the critical role that digital keys play in the world of NFTs and cryptocurrencies.
Sotheby’s first accepted cryptocurrency in the sale of Banksy’s protest image “Love is In The Air," which went for $12.9 million dollars. Also, Christie's auction house offered its toes into this world, accepting crypto payments alongside Keith Haring's "Untitled (photo)," which sold for $5.9 million.
Two NFT collections have also been made available by Sotheby's last year. Digital artist Pak's collection, "The Fungible," brought in a total of $16.8 million. Kevin McCoy's "Quantum," the first NFT ever issued, was included in "Natively Digital," which brought in a total of $17.1 million.
The sale represents a significant moment for the growing crypto market, which is increasingly being seen as a viable alternative to traditional fiat currencies.
For the rest of us, it's a reminder that crypto is here to stay – and that its potential is limitless.
What do you think about this fascinating use of cryptocurrency?