Photo: jpellgen (@1179_jp) / Flickr On June 20, Ethereum blockchain will host smart contract-based auction for Andy Warhol’s work with estimated worth of $5.6 million. BTC and ETH accepted.

The revolutionary and transformative blockchain technology is finding its applications in almost every field like financial systems, educational systems, logistics and much more. In yet another interesting use-case, later this month, Andy Warhol’s 1980 work “14 Small Electric Chairs” worth $5.6 million will be auctioned on the Ethereum Blockchain.

Dadiani Fine Art in London’s Mayfair district will carry out this action in partnership with blockchain platform Maecenas Fine Art. The auction is scheduled to take place on June 20 where 49% of Warhol’s work will be available for sale. The auction will have payment being made in either of the two cryptocurrencies – Bitcoin and Ethereum.

The price of the auction is fixed at $5.6 million, which accounts for nearly 730 BTC as on the existing rate which, however, could change till the auction-date depending on the volatility in the market. The reserve price of the auction is kept at $4 million or 25 BTC.

All the participants of the auction will have to strictly comply with the local regulations. In a statement, founder of Dadiani Syndicate, Eleesa Dadiani, explained the idea of such an auction saying: “We aim to render the future of fine art investments to global reach. Read more from…

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