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The 21st-century art enthusiasts are stashing physical artwork and converting them into digital collectibles in the forms of blockchain-based NFTs that are further auctioned for millions of dollars.
The recent developments around NFTs have really caught fire as things have escalated to a whole new level. In a first-of-its-kind move, the original artwork of Banksy worth £70,000, dubbed Morons, was destroyed and converted into a non-fungible token (NFT).
Morons, 2006 popular print ridicules the collectors who pay massive sums of money for art. The destruction happened in Brooklyn, New York while live-streaming the event to a global audience. Pest Control, a Banksy body that verifies the art, has authenticated the original artwork.
Interestingly, Morons is now available in the form of digital artwork. Also, the auction for its NFT of Banksy will happen later today on March 4. The NFT representing digital artwork Moron has now been burned on the SuperFam marketplace, a cross-chain DeFi protocol for NFTs. The auction will now happen on OpenSea, which will end by March 9.
The winning bidder gets the unique digital code representing the work. Besides, the bidder also gets a certificate of authenticity from Pest Control. The press release states that a portion of the proceeds will also go to charity.
This is not for the first time that Banksy’s original artwork is going into dust. In the past, Banksy destroyed its own painting “Girl With Balloon” the very next instant after selling it for $1.4 million at Sotheby’s. However, this time, Banksy is not directly involved with the event.
NFTs Bring Art and Crypto Closer
Non-fungible tokens (NFTs) are transforming the world of authentic digital art thereby getting it closer to the crypto space. The pro-NFT events have also generated hundreds of millions of dollars. The ability of NFTs to represent unique blockchain-based digital assets is getting huge traction.
Thus, NFTs have successfully represented a wide range of commodities comprising art, real estate, sports cards, and other digital collectibles. Recently, some of the big players from different business arenas have joined the NFT buzz.
The 250-year-old auction house Christie’s recently conducted the auction for a digital artwork by Mike “Beeple” Winkelmann using NFTs. Also, the National Basketball Academy (NBA) joined hands with Dapper Labs for creating its own version of digital collectible NFTs.
Citing massive demand and craze in the NFT space, crypto custodian Hex Trust announced its new custodial solution specifically for NFTs.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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