In a recent event hosted by world-renowned auction house, Sotheby’s, cryptocurrency was used by an anonymous buyer to purchase a diamond known dubbed ‘The Key 10138’.
The auction, which garnered significant attention, saw the diamond sell for roughly $12.3M USD, with the winning bid paid in either Bitcoin or Ethereum (Sotheby’s has only indicated that a cryptocurrency was used – not which one).
This event marked the largest gemstone/cryptocurrency transaction known to date, and points to a growing trend of cryptocurrencies being used for large-scale purchases at auction houses.
The Key 10138
The diamond which was sold in the aforementioned auction is a remarkable gemstone. Sotheby notes that it is 1 of only 10 diamonds of its ilk to pass through the auction house. The following are a few of the key characteristics which justified the $12.3M winning bid.
|Measurements||37.35 x 25.55 x 15.73 mm|
|Carat Weight||101.38 carat|
Essentially, the diamond is of the highest quality in nearly every regard. Not only is it staggering in size, but flawless and pure.
Beyond the sale of this particular diamond, blockchain is playing an increasing role within the gemstone industry. In the past few years, multiple projects have been launched which are aimed towards authenticating the quality and origins of gemstones. One such project which sees participation from the worlds largest diamond companies (De Beers, Signet, Etc.), is known as Tracr.
A Perfect Outlet
Auction houses have proven to be a perfect avenue for showcasing the benefits of Non-Fungible Tokens (NFTs), and cryptocurrencies like Bitcoin. These events typically entail transacting huge sums of money, and are not overly time-sensitive.
The following are a few other examples of past blockchain-based items which were auctioned off for sizable sums of money.