23.05.2024

Artist Banksy’s painting burned and turned into an NFT token

A group of digital art enthusiasts tokenized the work of renowned artist Banksy as an NFT token and burned the original, streaming it online.

The crypto space is increasingly embraced by a new mania – a fever in the segment of NFTs (non-fungible tokens). Crypto enthusiasts are starting to take more drastic measures in an attempt to prove that digital assets built on blockchain have real economic value.

According to the latest such news, a group of activists staged a live burning of a painting by the legendary English artist who works under the pseudonym Banksy. Previously, the work was tokenized, and now the only version of the picture is the non-fungible NFT token, which will be listed for sale on the largest NFT marketplace OpenSea.

The group, calling themselves «art and technology enthusiasts,» acquired Banksy’s 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 the Banksy painting was watched live by more than 19 thousand people on the group’s Twitter page.

Virtual reality

According to the enthusiasts themselves, they were driven by the desire to prove to the world that NFT tokens have real economic value. They emphasized that if the painting and the token coexisted in the same world, then the physical version of the painting would have a higher priority. Now the digital asset has become the only version of this work and therefore has become the original.

The group of activists also noted that the unique characteristics of the blockchain and smart contracts will ensure the security of this original and protect it from counterfeiting. As commented by members of the crypto community, this was the first precedent for converting a physical work of art into a digital asset.

According to the statements of the group members, their partner is the DeFi-protocol SuperFarm, which will issue the 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 offered fake Banksy tokens for sale. By the time of the intervention of Pest Control, the organization representing the artist and certifying his authorship, the volume of NFT purchases had already exceeded $ 1 million.

Where can you buy and sell NFT tokens?

OpenSea is the largest online marketplace for digital collectibles and other rare electronic assets. On OpenSea, you can buy and sell non-fungible tokens (NFTs), including the ERC721 and ERC1155 standards, and discover a variety of digital goods.

Collectibles NFT Platform

The OpenSea platform was founded in November 2017 and is today the largest marketplace for buying and selling digital collectibles and other rare assets. The platform offers over 300 types of assets and over 10,000,000 items.

Thanks to OpenSea, you can buy, bid, and discover digital collectibles and other assets such as domain names and member-specific NFTs.

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