Bansky isn’t the only one destroying his artworks anymore. The latest CryptoArt stunt was the burning of a Bansky original. It is also the first-ever authentic Banksy piece to be turned into an NFT and sold. The NFT was sold on March 7th on OpenSea for $382K (228.68 ETH).
A few days ago the group behind the DeFi platform ‘Injective Protocol’ and members from ‘SuperFarm’ destroyed one of Banksy’s artworks on camera. The artwork ‘Morons’ was burned in a Brooklyn park and turned into an NFT. The piece was not only burned as a social commentary but primarily to show that NFTs hold value.
On the BurntBansky Twitter account, one of the members stated that it’s pretty obvious that the physical piece had to be burned, because if it still existed, then the value would remain in the physical asset rather than in the digital asset.
The piece ‘Morons’ mocks collectors and shows a crowded auction house along with a framed phrase next to the auctioneer “I CAN’T BELIEVE YOU MORONS ACTUALLY BUY THIS SHIT.” It was first acquired by the group earlier this year for $95K and verified by Banksy authentication body Pest Control.
As many will remember, Banksy himself destroyed his own artwork a few years ago immediately after it’s $1.4 million sale at Sotheby’s. So perhaps, he is having a good laugh at this.
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Ivelina is an NFT and Blockchain lover. She has a knack for putting complex concepts into simple words.