The world’s first cryptrocurrency property auction ended in disappointment Tuesday, at least for the seller, but cryptocurrency definitely came out with its reputation enhanced following global exposure about the event. The auction was live streamed worldwide as buyers tabled bids in BTC, BNB, and cash for the distinctive luxury property, with the price being called by the auctioneer in Bitcoin rather than cash in a world first. The highest bid, 470 BTC ($2.5 million) wasn’t enough to secure the property, but the event showcased what the future could hold for auctions.
Benefits of Blockchain
The auction had received huge attention all over the world, with interest coming from as far afield as Switzerland, the U.S., and Japan. Had the auction been successful and the cryptocurrency payment sent the second the hammer fell, it would have been with the receiving party within one hour (BTC) or 15 seconds (BNB) and would have cost a maximum $2.11 to send. International wiring over $2.5 million would take days to be processed, and would likely cost in the region of 20x more. It’s a pity that the auctioneers weren’t able to showcase the entire process, including the transfer of the cryptocurrency, but this will by no means be the last cryptocurrency auction, so the chance of illustrating its best use case is coming, it’s just a matter of when.