Cash, check money order, credit card…cryptocurrency.
The accepted methods of paying for auction winnings grew by one at Goldin Auctions this week as the company announced a new plan to enable customers to buy and sell with Bitcoin and Ethereum through a partnership with Gemini, a platform to buy, sell and store cryptocurrency. Goldin is the first dedicated sports memorabilia auction company to utilize the blockchain-based concept.
The company says some customers had been asking for the option to pay with crypto.
“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,” said Ross Hoffman, CEO of Goldin Auctions. “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 told Bloomberg News that Goldin has already taken in two crypto payments, including one from the buyer of a Jay Z autographed card that sold for over $100,000. He imagines buyers and sellers of items with a more global audience would be most likely to use crypto as a form of payment.
Goldin has sold more than $100 million worth of cards and other items so far in 2021.