Goldin Auctions, a leading marketplace for collectibles and trading cards, has announced that it would now accept cryptocurrency as payment for auction winnings. The new payment option is in partnership with cryptocurrency exchange Gemini.
Goldin Auctions Adds Crypto As Payment Method
Goldin Auctions disclosed that it would accept Bitcoin and Ether in its sports memorabilia auctions henceforth. According to Ross Hoffman, Goldin’s chief executive officer, the auction house’s new direction is due to customer demand.
“We’re incredibly excited about our partnership with Gemini as we see significant overlap between the crypto community and the hobby. This is especially true for new collectors who view collectibles as a key piece of their portfolio. You’re also seeing this merger of sports and crypto in the NFT world, where innovative players and leagues are doing really interesting things. We see big opportunities in the future, including combining physical memorabilia with digital assets in creative ways,” Hoffman explained.
The sports memorabilia auction company has already taken in two crypto payments, Bloomberg reports. One of which is the Jay Z autographed card that sold for over $100,000.
However, this is not Goldin’s first foray into blockchain-based technologies. Since early this year, the auction house has been experimenting in the blockchain space when it partnered with Youtube star Logan Paul to auction off a box of Pokemon cards.
The winning bidders had also received holographic trading cards paired to digital certificates of authenticity known as NFTs.
Sport And Crypto In The NFT World
NFTs are digital collectibles cryptographically secured in the blockchain network. They are called non-fungible because they cannot be broken into smaller parts, making them unique. In recent times sport and crypto-collectibles have been tied to NFTs.
For instance, the LeBron James slam-dunk highlight, which sold for $200,000 on the digital collectibles website NBA Top Shot was tied to NFT.
Goldin Auctions is known for high-value items, including a Lebron James rookie card that sold for $1.8 million last year. The auction house has sold more than $100 million worth of cards and other items so far in 2021.