TL;DR Breakdown
• Auction houses use NFTs to make money.
• Bitcoin, Ethereum, and other cryptocurrencies are accepted as payments.
Lloyd’s announced that it would accept crypto payments on its platform. The organization would accept cryptocurrencies like Bitcoin, Ethereum, and Dogecoin. People inclined to the auction world can buy their toasters or even a classic car with virtual currencies.
The auction house has published the most relevant items: a Holden Torana A9X and an HSV GTSR W1 Maloo. Auctioneers can pay for the item in Australian dollars or digital currencies in their possession.
The director of operations at Lloyd’s Auctions, Lee Hames, clarified that many people have agreed to pay in cryptocurrencies. Within hours of making the official announcement, Hames received $100,000 in crypto for a custom-built caravan. Hames suggests that since then, he has been very interested in the virtual market and sees a promising future for it.
However, the auction house is not the first to accept crypto payments for automobiles as CarBuyers had earlier joined the game. The automotive company has been accepting Bitcoin for the purchase of its cars for a few weeks.
Crypto payments open a new landscape
Lloyd’s as an auction house not only sells vehicles but offers an endless collection of items. According to the company, the crypto payments will be accepted in all the goods if the client prefers.
Meanwhile, other auction houses in Australia have also taken the crypto sphere and used it to their advantage. Christie’s, a British auction house, was one of the first companies to accept crypto payments such as Ethereum at the beginning of the year. Christie’s even promotes these decentralized payments while individually achieving another milestone with crypto.
Christie’s accepts Ethereum and other cryptocurrencies
Before the cryptocurrency boom with auction houses became popular, Christie’s had already commenced it’s use. By March, the company sold an NFT artwork valued at $69 million paid for with Ethereum. This corresponds to the artwork by digital artist Beeple, which is the most expensive sold non-fungible token.
But the auction house Sotheby’s has also joined the crypto payments system that its rivals have completed. A month ago, Sotheby’s announced that it accepted cryptocurrencies for Banksy’s “Love is in the Air” artwork. The auction house also created its first NFT exhibition at the end of March.
This form of payment in cryptocurrencies has brought many profits to companies engaged in auctions. Almost every auction fan is familiar with the crypto scheme; they know how to use it and invest.
Although many crypto experts claim that non-fungible tokens will disappear in the next few years, now it is at their peak. Auction houses can increase the cryptocurrency collection that they accept as a payment method for everyone to use.
