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Sotheby’s, the world’s largest auction house, is etching history in the diamond.

A True Milestone

Sotheby’s marks an enormous milestone, for instance, they are accepting cryptocurrencies such as ether and most importantly, bitcoin, for an auction of an extremely rare diamond that is worth over $15million.

The Key 10138

This 101.38 carat pear-shaped, absolutely flawless, and spotless diamond, in other words, beautiful, named The Key 10138. It is one of the extremely rare diamonds that are over the 100-carat mark to ever arrive in an auction. Only ten of such ultra-rare diamonds ever appeared in any auction.

The Historic Moment

This marks a historic moment, as it will be the first time a diamond of such rarity and size is offered to the public through the means of cryptocurrency. Moreover, this is a significant step towards the right direction for the evolution of the market.

Sotheby’s was always a pioneer in introducing cryptocurrencies as a negotiating chip on the auctioning table. For instance, in May of this year, they sold a Banksy for over $12.9million. Which is the first instance of buying physical art with cryptocurrency through a major auctioning house.

Auction

The Key 10138, carries a pre-estimate value of $10 million – $15 million and set for auction on the 9th of July in Hong Kong.

The Unpredictable Nature

Cryptocurrency has had a pretty volatile year so far, just like its nature in the market. From able to touch the highs that nobody could ever reach to tumbling down in a trench, it was extremely unpredictable. Through all this unpredictability, it reached the highest it ever has been. In conclusion, the miners have struck, diamond.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.