Sotheby’s Hits $35 Million in Digital Art Sales in 2023
Sotheby’s, a 279-year-old British-American clearing house, concluded a stellar year in digital art sales, reporting earnings of “close to $35 million.” Michael Bouhanna, the Vice President and Head of Digital Art at Sotheby’s, deemed 2023 as one of the most exciting years for digital art. The auction house conducted its first live digital art auction, attracting 300 attendees and generating $12 million in sales. Notably, they achieved the highest fee for digital artwork, selling Dmitri Cherniak’s NFT, titled “Ringers #879,” for an impressive $6.2 million. Sotheby’s conducted over 25 auctions, exclusively focusing on digital art or incorporating it into contemporary art sales. The company also ventured into the digital space with the launch of its on-chain marketplace for NFTs, Sotheby’s Metaverse. Bouhanna shared that their focus for the upcoming year is on supporting creators and enhancing their primary market strategies.
Stablecoin Regulations: 25 Countries Set Legislation in 2023
The PwC Global Crypto Regulation Report 2023, published on December 19, revealed that 25 countries, including Austria, Japan, and Switzerland, had enacted stablecoin legislation in 2023. The report, analyzing crypto regulations in 43 countries, disclosed that the majority of these countries had also implemented other regulatory measures, such as crypto frameworks, licensing, and compliance with the Financial Action Task Force’s Travel Rule. Notably, crypto-friendly nations like Singapore and the United Arab Emirates have embraced all crypto-related regulations except for stablecoins. The stablecoin market witnessed substantial growth, with Tether’s market capitalization exceeding $90 billion in mid-December 2023. Experts anticipate further growth, with stablecoins potentially surpassing Visa in settling transactions.
Spot Bitcoin ETF Approval Could Double Crypto ETP Investments Market commentators predict that the approval of a spot Bitcoin ETF by the SEC, expected by January 10, could double the amount invested in crypto ETPs. Bitwise estimates that spot Bitcoin ETFs could accumulate $72 billion in assets under management within the next five years, surpassing current market figures. In contrast, global fund manager Van Eck provides a more conservative estimate, suggesting $2.4 billion in inflows for spot Bitcoin products in the first quarter of 2024. Despite no previous approval in the U.S., other countries, including Canada, Australia, and Germany, have allowed investors to buy shares in spot Bitcoin ETFs. This optimism aligns with the broader trend of increased institutional investment in crypto investment products over recent months.
Mt. Gox Creditors Reportedly Receiving Fiat Repayments Reports emerging on social media suggest that creditors of the long-defunct Bitcoin exchange, Mt. Gox, have begun receiving fiat repayments for Bitcoin locked on the platform since February 2014. While unconfirmed, Reddit posts indicate Japanese Yen-denominated repayments via PayPal, nearly ten years after the funds became inaccessible. Users claim to have received payments, with screenshots of PayPal receipts shared on platforms. Repayments are expected to occur in multiple tranches, including the base repayment, early lump-sum repayment, and intermediate repayment. This development follows trustee Nobuaki Kobayashi’s announcement in November 2023 regarding the commencement of repayments and marks a significant step in the long-awaited resolution of Mt. Gox’s insolvency.