Renowned auction house Sotheby’s has been revealed to accept payments in DOT, the native cryptocurrency of blockchain network Polkadot, for its ongoing NFT auction project “Natively Digital 1.3: Generative Art.”
The auction, which began on April 19th, is Sotheby’s third event focusing on generative art NFTs. Generative art is an art practice where a piece is made using a predetermined system incorporating the texture of patterns and objects expressed by computer work.
Sotheby’s generative art auction series include both NFTs and physical art pieces tracing the art history from the 1960s to the present day. The company said it will accept Bitcoin (BTC), Ethereum (ETH), Stablecoin (USDC), and Polkadot (DOT) for the auction sale.
In addition, Sotheby’s noted that it will only accept payments from digital wallets associated with Coinbase Custody Trust, Coinbase, Fidelity Digital Asset Services (FDAS), Gemini Trust, and Paxos Trust.
Sotheby’s became one of the early fine art firms to conduct NFT auctions and accept cryptocurrency payments. In April 2021, it conducted its first NFT auction after selling artworks by digital artist Pak. At the time, it conducted a total of $16.8 million sales from over 3,000 buyers.