A flawless 101.38-carat diamond was sold at auction for more than $ 12.2 million in cryptocurrency on Friday, making it the most expensive piece of jewelry ever spiced through crypto, according to Sotheby’s.
The massive diamond, called “The Key 10138”, was sold in Hong Kong to an unidentified private collector, the 277-year-old auction house said in a statement.
The pearl is one of only 10 diamonds of more than 100 carats that will ever come up for auction.
The auction house had said it would accept payment for the diamond in either Bitcoin or Ether, but it was unclear which digital coin was used to buy the gem.
Despite record sales, the diamond sold for less than the upper end of its estimated value of $ 1
Auction houses like Sotheby’s and rival Christies have increasingly taken to accepting cryptocurrency as payment this year as the popularity of digital coins increased.
In May, Sotheby’s sold a Banksy piece for $ 12.9 million in crypto – the first occurrence of a work of art sold by a major auction house in exchange for cryptocurrency.
And back in March, Christie created waves by selling a non-spongy symbol for the first time ever. NFT, or unique, blockchain-based digital art, sold for a staggering $ 69.3 million.
Although cryptocurrency has increasingly been embraced by institutions such as Sotheby’s as well as banks and large US companies, the value of digital tokens remains extremely volatile.
Bitcoin, the largest cryptocurrency by market value, touched a full-time high of more than $ 64,000 in mid-April before falling back and briefly falling below $ 30,000, erasing its gains for the year.
Bitcoin was last seen trading at around $ 33,500 per share. Coin.