On March 3, a group of anonymous art enthusiasts decided to burn an original Banksy screenprint worth roughly £70,000 or around $95,000 USD, and then turned it into a non-fungible token (NFT) asset. The art now exists as an NFT and was auctioned for 228.69 ethereum or $394k using today’s ether exchange rates. However, not everyone was impressed by the NFT transformation, as the cofounder of myartbroker.com says the NFT sale raises the idea that “the only morons in this transaction are the buyers and stunt artists themselves.
A Burned Banksy Transformed Into an NFT Sells for Close to $400K in Ether
Just recently a collective of unknown art enthusiasts and non-fungible token (NFT) asset fans decided to transform a physical Banksy screenprint into an NFT. News.Bitcoin.com reported on the group who burned the original Banksy piece called “Morons” and explained why the collective called @burntbanksy chose this route.
“The reason behind this is because if we had the NFT and the physical piece, the value would be primarily in the physical piece,” one of the members said before torching the Banksy artwork. “By removing the physical piece from existence and only having the NFT, it makes sure the NFT due to the smart contract on the blockchain will ensure that no one can alter the piece, and it is the true piece that exists in the world.”
After the burning, the NFT was listed on the marketplace Opensea and contained a description of the product for sale. “This 1 of 1 NFT was created upon the burning of the original Pest Control-certified Banksy ‘Morons’ print #325 of 500,” the Opensea listing details. “This is the first-ever authentic Banksy piece being turned into an NFT.” Opensea visitors viewing the NFT listing can also view the original COA on Interplanetary File System (IPFS).
Following the listing, the Banksy “Morons” NFT added to Opensea by the @burntbanksy team was sold to an individual dubbed…