Banksy, the famous British street artist, not only discovered that one of his works of art had been incinerated, but also turned into NFT and sold for nearly $ 400 during a crypto auction.
Destroy a work of art to resell it at a higher price
An NFT (Non-Fungible Token) was sold on March 8 last year, in the OpenSea market. This sale brought in 228,69 ETH, which amounts to approximately $ 382.000 per quotation today. A sale that came after a bullish war waged by 70 different bidders, which pushed up the final price of the NFT token, whose initial bid was just 0,00001 ETH.
The NFT token itself was developed by a group of cryptocurrency investors called "Burnt Banksy". The group bought Banksy's “Morons” painting in February for about $ 100.000.
Profit through art that criticizes the purchase of art
This group had brought home for the modest sum of 100 dollars, a satirical work of art that criticized art in general, in fact, depicted a lively and crowded auction, where all those present who tried to outdo the each other, to purchase a single piece of art. This piece of art was a canvas featuring the words "I can't believe you idiots buy this shit" written in capital letters.
Burnt Banksy promptly decided to burn the artwork during a live Twitter stream, incinerating it in some unknown location in Boston, New York.
This NFT token depicting bidders willing to buy anything and sold for a considerable sum of money ironically was bought by "Galaxy". Galaxy is an OpenSea user who already boasts four NFT tokens purchased on the same platform.
One of these pieces is another satirical painting that portrays Frida Kahlo, a renowned artist, like Kim Kardashian when she made headlines with that "internet-breaking" photo shoot in 2014. Without a shadow of a doubt, some reading this article will have remember that event, while others may not have known it at all and ran to Google for a quick search. What do you think?
A disturbing trend in the art space
Unfortunately, this popular new trend of burning art paintings and incinerating them after they are tokenized in an NFT is becoming more and more common. This represents the first verified Banksy painting that all this happened to, but the trend has been around for a long time.
Sure, it is a good way to increase the value of the NFT, making it the true "one and only" piece of art, but for many it is a sad sight to witness the destruction of a work of art only to validate another piece. of art.
However, as Ashton Kutcher demonstrates, this trend can also be used to do good. Kutcher managed to tokenize the photo of a scribble on a notepad, boasting his signature, a dozen eyes and a star. He sold this NFT token within a charity auction, within the Cryptograph market.