Sotheby's Sale of Giant Diamond for Fiat Disappoints Crypto Community

One of the latest Sotheby’s auctions has disappointed crypto fans. It sold a giant 101.38-carat diamond for HKD 95.1 million ($12.3 million) to a buyer who wished to remain anonymous.

Most of the crypto enthusiasts were disappointed that despite the successful experience of selling lots for cryptocurrencies earlier, the auction house still gives preference to traditional currencies. In addition, before the end of the auction, Sotheby’s representatives stated that bitcoins and Ethereum would be accepted as a means of payment. According to members of the crypto community, such an impressive lot could play a significant role in the adoption of digital currencies, becoming its "next milestone", whether it was sold for tokens.

More than a dozen bids were made to acquire a flawless pear-shaped diamond, but in the end the price was below the estimated value of 15 million. According to Sotheby’s, this jewel was the most expensive physical item, payment for which was accepted in crypto equivalent.

The auction house employees were just as surprised by the outcome of the trades as digital currency fans. Since this case became one of the few, when a lot, payment for which was accepted in cryptocurrencies, was eventually sold for fiat funds. The latest high-profile sale for Sotheby's was the Internet source code, which was sold in NFT form for $5.4 million by its creator, Tim Berners-Lee.

Auctions are increasingly seeking to attract the attention of cryptocurrency enthusiasts, offering them unique lots for BTC, ETH and other tokens. However, so far no lot sold in digital currency equivalents has managed to “beat” digital artist Beeple's “Everydays: the First 5,000 Days”, which sold for a record $69.3 million.

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