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Want to Buy a Banksy With Bitcoin? Sotherby’s Says Yes

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Want to Buy a Banksy With Bitcoin? Sotherby’s Says Yes


Fine arts dealer Sotheby’s is now accepting Bitcoin and Ether as payment methods. The first offering to test the response is Banksy’s Love is in the Air, which depicts a masked man throwing flowers.

This is made possible by partnering with Coinbase, which has set up a bespoke solution to enable this. Stefan Pepe, Sotheby’s Chief Technology Officer, said, by doing this, the firm is enhancing the client experience and appealing to a whole new clientele as well. The move represents another step towards cryptocurrency going mainstream.

“Leveraging the trusted exchange Coinbase is a natural progression and is in line with our dedication to enhancing our client buying experience and developing new ways to expand our client base by meeting them where they are.”

It's now possible to buy physical artwork from Sotheby's using Bitcoin

Source: sothebys.com

Bitcoin as a Payment Method

Speaking to CNBC, CEO of Sotheby’s Charles Stewart said accepting cryptocurrencies is something the firm has been thinking about for a while now.

Stewart mentioned that the positive response to its recent Pak NFT auction, which netted a total of $16.8 million, gave the incentive to explore accepting cryptocurrency for physical art.

“This will be the first time cryptocurrency will be accepted as payment for physical artwork. We’re really excited to make this happen. It’s something we’ve been thinking about for quite some time. You may recall we had our first NFT sale a few weeks back. We had over 3,000 bidders and participants in that sales series.”

The first piece to test the waters will be Banksy’s Love is in the Air. Stewart said buyers can pay cash as well if they wish. He estimates the piece to net between $3-$5 million.

“Banksy has been, as you might be well aware, a very popular artist at auction. And there’s a lot of interest in his work, paying with physical money as well. But what better combination to introduce crypto than an iconic Banksy painting?”

Bitcoin-bull Anthony Pompliano chimed in by saying soon, every company will accept the currency of the future rather than cash.

Bitcoin daily chart

Source: BTCUSD on TradingView.com

Banksy’s Message

Banksy is a pseudonymous street artist whose real identity remains unconfirmed and the subject of much speculation.

He came to prominence during the 1990s and follows a subversive, satirical style that expresses anti-war and anti-authoritarian themes. His artworks are publically displayed, such as on walls or repurposed prop pieces. These are often resold, which involves the removal of walls in most cases.

The artist unofficially sells a limited run of pieces through an agency called Pest Control.





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Bitcoin News

Balancer protocol launches version 2 of its automated market maker

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Balancer protocol launches version 2 of its automated market maker



Balancer, a leading automated market maker, has launched version 2 of its protocol, promising faster speed, lower costs and improved liquidity. 

In addition to revamping the user interface, Balancer’s backend will provide more efficient routing for trades through “Protocol Vault.” The platform claims that this upgrade will reduce gas costs and produce better pricing mechanisms.

Expected gas costs are said to be 40% lower in version 2 – a figure that jumps to 53% with internal balances.

Balancer Labs, the development arm behind the AMM, also announced a partnership with DeFi protocol Gnosis to deliver an enhanced user experience to traders across price, user experience and transparency.

Automated market makers are essentially smart contracts that generate a liquidity pool of tokens, which are traded automatically through a programmable algorithm as opposed to an order book. This allows assets to be swapped automatically.

AMMs are part of the rapidly growing DeFi industry which, according to industry estimates, has grown eightfold since the start of 2021. The DeFi space has locked in more than $160 billion in assets as of Tuesday.

Balancer’s native BAL token has set multiple record highs this year on the back of positive protocol integrations, gas fee reimbursements and a surge in DeFi trading activity. Buzz surrounding a possible Coinbase listing has also contributed to BAL’s tremendous growth.

The price of BAL was little changed at $67 on Tuesday for a total market capitalization of $722 million. BAL is the 31st largest DeFi protocol by market cap, according to Coingecko.