Banksy’s enterprise sells for over $12 million in ETH in first cryptocurrency public sale

Two works by contemporary artist Banksy have sold for the equivalent of $12 million in Ethereum in Sotheby’s first ever auction, CoinDesk reports. There has never been an auction of cryptocurrency before.

Banksy’s Trolley Hunters and Love Is In The Air sold for $6,698,400 and $8,077,200, respectively. The buyer had paid 3,093 ETH.

Banksy is an English street artist under the pseudonym, political activist and film director. His real name and identity are still unknown and have often been the subject of speculation.

The push is part of a larger crypto-focused strategy by Sotheby’s. In October, the popular auction house Sotheby’s Metaverse launched a virtual exhibition. The first auction took place at the end of October, displaying 53 works from 19 collectors of the NFT.

The new Sotheby platform is powered by Mojito. This is a trading group for building NFT Markets. It offers payment options with both cryptocurrency and fiat money. It is also possible to mint a token here.

Metaverse: New possibilities for all artists

Metaverse is a combination of augmented reality, virtual reality and internet services. It offers new possibilities for creators, gamers and artists by creating a shared virtual world.

The crypto community held its breath in anticipation of this auction yesterday: the sale of one of the 13 remaining copies of the United States Constitution. ConstitutionDAO, an independent decentralized organization, also submitted bids for the auction. Unfortunately, the group lost to an anonymous buyer who paid $43.17 million for it.

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However, the goal of the group was commendable. It was founded only last Thursday but has already received nearly $4 million in donations. DAO members believe they stand a real chance of winning the upcoming auction at Sotheby’s.

Codex member Julian Weiser said before the auction:

If we had 90 days, there wouldn’t be that energy and momentum because it wouldn’t be necessary. And you need these things to get people moving — it’s stressful but necessary.

DAOs can affect the market

Despite the loss, ConstitutionDAO’s offer of $47 million certainly sends a strong signal to investors. All of this money was raised solely through crowdfunding.

Less than a week after the project was announced, donations were collected from 2,000 Ethereum addresses, 11,000 followers on social media, and a group of developers, investors, and community members.

The next project of this nature will certainly have the infrastructure for competitive bidding for a cultural artifact of paramount importance.

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