Sotheby’s Resumes Bidding for Diamond with Crypto in Few Weeks

Sotheby’s Resumes Bidding for Diamond with Crypto in Few Weeks

Is Sotheby’s trying to prove that crypto lovers cherish its product more than their precious digital assets?

Sotheby’s, the home of luxury, is staging an event in Hong Kong next month where crypto owners will struggle to claim a diamond.

Reuters reported today that Sotheby’s plan is to bring out a diamond measuring 101.38 carat and resembling a pear for people to cast their cryptos. The event is said to be scheduled on July 9. The auction house says it hopes to realize about $118 million HKD. In BTC, this amounts to 454 BTC. Ethereum may also be considered based on past records.

It appears only crypto users are welcome to bid. Sotheby’s thinks their diamond is worth the bid because it is “the most ancient and emblematic denominator of value.” Sotheby’s is doing its best to make the bid purely crypto in nature.

This year 2021 is one not to be forgotten in a hurry for presenting one of the most volatile markets in crypto’s history. Just last week, people were happy to see BTC move above $40,000 but the story is different now as it trades below $33,000 at the time of writing. There have been mixed reactions regarding the replacement of  BTC with Sotheby’s jewelry but most do not see the need to trade their bitcoin for a rock that is best useful in making jewelry.

According to Nicky Oppenheimer who is one of those that headed De Beers diamond corporation in its limelight, diamonds have no natural importance. De Beers only flourished and made huge gains because they intentionally limited its supply to a few regions and prevented anyone else from mining diamonds. In the real sense, diamonds are not scarce and neither do they last for eternity.

This is not the first time  Sotheby’s is organizing sales for an item where the highest crypto bidder wins the item. Earlier in June, the bid was for CryptoPunk which was eventually carried away for $11.8 million. Sotheby’s is taking its bidding to greater heights by incorporating NFT and WWW source code to it.


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