Famed NFT auction house, Sotheby, has revealed that bids for its Banksy auction scheduled for next week will be accepted in ETH. The announcement further stated that Sotheby would be the first auction house to allow live bids for an NFT or any artwork solely through cryptocurrency.
The auction will consist of the famous artist’s top artworks such as love is in the air and trolley hunters. Sotheby clarified that bid winners could pay in other digital currencies (particularly, USDC, BTC, or ETH), payments for the bids will be in ETH.
Sotheby Keeps Supporting The NFT Industry
The famed auction house started supporting bitcoin and ethereum payments for previous Banksy auctions six months ago. It has also funded NFT-related projects such as mojito and NFT studio. Last month, the famous auction house launched a metaverse-related NFT project with co-curators such as Pranksy, Paris Hilton, and PleasrDAO.
However, there are other auction houses with crypto and blockchain-related projects. Other auction houses support bid payments with crypto. Six months ago, Christie’s became the first auction house to support eth payments for an NFT auction.
Christie was famously known for generating almost $70m when it auctioned ‘the first 5000 days’ NFT by Beeple. Another auction house, The Phillips, generated more than $4m five months ago for another Banksy’s digital artwork (laugh now panel a).
Charities Starting To Explore NFTs’ Potentials
NFT has been a big deal since the start of the year. As NFT is relevant to almost all industries, NGOs are also trying it out to raise funds safely, efficiently, and transparently. Through the application of smart contracts, NGOs can deploy NFTs in several ways, such as a guarantee of royalties for each sold NFT. Thus, NGOs can apply this method when raising funds.
NGO auctions have been existing well before the advent of NFTs. But the blockchain technology can enable such auctions to be done quickly without incurring huge costs because of the blockchain technology’s decentralized nature. More importantly, the technology makes it possible to track funds’ generation and movement properly.
Some Digital Art Creators Are Already Utilizing This Technology.
Recently, Beeple gave the proceeds from the auction of his oceanfront NFT to the climate change solution initiative of the charitable firm (the open earth foundation). Similarly, Ellen Degeneres donated the $34K generated from her NFT series auctions to World Central Kitchen, an NGO focusing on providing food relief. While it is pleasing to see famous figures tap into the NFT trend, it still proves that the NFT sector has the potential to blossom more.
NFTs solve a significant issue for NGOs – a transparent way to raise funds and achieve their objective. Even though some problems (such as crypto regulation) still need to be addressed, NGOs have no reason not to explore and optimize this technology. Once there is greater regulation of the crypto industry, more fundraising events for NGOs are expected to be launched. Also, there will be more innovative ways NFTs can be deployed for ordinary people to support their favorite cause with time.
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