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Sotheby’s Expands the Crypto Market and Invests $20 Million in an NFT Company

Sotheby’s Expands the Crypto Market and Invests $20 Million in an NFT Company

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Answer Sotheby’s Expands the Crypto Market and Invests $20 Million in an NFT Company

Sotheby’s, one of the world’s leading auction and art dealers, has invested $20 million in Mojito, a non-fungible NFT token business.

New York-based company Future Perfect Ventures led the funding round.

Sotheby’s opens new doors:

According to a statement issued byForbesThe value of the investment in the company “Mojito” amounted to 100 million dollars.

Aside from Sotheby’s and Future Perfect Ventures, the funding process included other participants such as the Creative Artists Agency and NEA’s Connect Ventures.

NFT studio Mojito plans to use the money to develop its engineering teams and build a better version of its platform.

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It also aims to link more partnerships to launch non-fungible token markets for a brand different from traditional markets.

It is worth noting that this represents Sotheby’s first investment in a crypto-related company.

Sotheby’s CEO, Charles F. Stewart, cited the reasons behind co-financing NFT, stating:

We believe in the future of using blockchain to expand the ownership of digital assets.

There is a great deal of focus and interest in NFT… Sotheby’s mission is to enhance access to and ownership of exceptional artwork and luxury, so focusing on and developing this area makes a lot of sense.

This summer, the NFT craze was booming and recorded huge trading volumes.

This did not go unnoticed by Sotheby’s, as the company hosted a dedicated online sale of NFT from Bored Ape Yacht Club (BAYC).

Soon after, the digital collection was sold for $24.4 million.

Diamonds vs Crypto:

The famous auction house has been very popular among the cryptocurrency community with another endeavor recently.

Last July, the company announced the sale of its second-largest pear-shaped diamond ever to the public, at a price of $12 million.

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Sotheby’s revealed that the diamond, called Key 101.38, went through a chemical analysis and was classified as a Type IIa diamond, or in simpler terms:

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The most chemically pure diamond that has exceptional optical transparency.

The company also presented a certificate of authenticity.

It is interesting that the anonymous viewer paid for this diamond using cryptocurrencies.

Sotheby’s has not disclosed information about the bid winner nor the digital assets it used in the transaction.

But the options were limited because the company only allowed the two largest cryptocurrencies to bid, namely:

Bitcoin and Ethereum.

Read also:

Binance announces the introduction of a transaction fee burning mechanism on its BSC blockchain network.

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