Art enthusiasts have tokenized a pricey Banksy artwork. They burnt the original art piece in a livestream and are replacing it with a non-fungible token (NFT) version set to be available on OpenSea.
The NFT craze is rife among digital asset enthusiasts. Their quest to prove that these blockchain-based digital assets possess real economic value is seemingly boundless.
A group of “art and tech enthusiasts” bought an authentic art piece by pseudonymous England-based street artist, Banksy, and set it on fire in Brooklyn, New York. They digitized the art piece into an NFT before doing so. The piece called ‘Morons’ was reportedly purchased for $100,000.
According to the group, the rationale behind the move is to prove that NFTs possess real value. It pointed out that if they (the artwork and NFT) co-exist, the physical artwork will be of primary value. It also wanted to harness the power of blockchains and smart contracts to ensure that the piece cannot be duplicated.
Speaking further on this, a member of the group stated in the video;
“The goal is to inspire tech enthusiasts and artists. We want to explore a new medium for artistic expression.”
The event was live-streamed on the group’s Twitter page, with over 19,000 people tuning in to watch. It also said that it partnered with cross-chain DeFi protocol SuperFarm to mint the NFT that will be available for trading on OpenSea.
Some NFT enthusiasts looking to secure great deals were tricked into purchasing fake Banksy NFTs last month. Before Banksy’s “Pest Control” authenticator firm moved in to deny any affiliations with the NFT, over $1 million in sales had already been completed.