NFT enthusiasts burned Banksy’s painting and replaced it with a token
A group of digital art enthusiasts tokenized the work of famous artist Banksy with NFT and burned the original, hosting an online broadcast.
Will a flame ignite from a spark?
Cryptospace is increasingly gripped by a new mania – fever in the NFT (non-interchangeable tokens) segment. Crypto-enthusiasts are starting to go more radical in an attempt to prove that blockchain-based digital assets have real economic value.
According to the latest such news, a group of activists staged a live burning of a painting by the legendary British artist, who works under the pseudonym Banksy. The work was tokenized beforehand, and now the only version of the painting is a non-interchangeable NFT token that will be put up for sale on the OpenSea marketplace.
A group calling themselves “art and technology enthusiasts” purchased Banksy’s painting “Morons” for about $100,000. They tokenized the painting by converting it into an NFT token, and then launched an online broadcast of the burning of the original on YouTube and Twitter. Banksy’s work was destroyed in Brooklyn, New York. The burning of Banksy’s painting was watched live by more than 19,000 people on the group’s Twitter page.
Virtual Reality with NFT
According to the enthusiasts themselves, they were driven by a desire to prove to the world that NFT tokens have real economic value. They stressed that if the picture and the token coexisted in the same world, the physical version of the picture would be a higher priority. Now, however, the digital asset has become the only version of the work and has therefore become the original.
The activist group also noted that the unique characteristics of blockchain and smart contracts would ensure the security of this original and protect it from counterfeiting. As members of the cryptocommunity commented, this was the first precedent for converting a physical work of art into a digital asset.
According to statements from members of the group, their partner is DeFi-protocol SuperFarm, which will issue a corresponding token and make it available for sale on the OpenSea platform.
As a reminder, last month some NFT-enthusiasts fell victim to scammers who put fake Banksy tokens up for sale. By the time Pest Control, the organization that represents the artist and certifies his authorship, intervened, the volume of NFT purchases had already exceeded $1 million.