In today’s world of bizarre headlines, a cryptocurrency group has burned an original Banksy artwork… and naturally, sold it as NFT.
But that’s not all, according to NME, the cryptocurrency group, known as Injective Protocol, (who are also now known for burning the artwork), sold the digitalised version of the original at a whopping four times its original value.
According to the video, by digitalising the painting, “the value of the physical piece will be moved onto the NFT, being the only way you can have this piece anymore.” This enabled to the group to sell it as a non fungible token (NFT), for a grand total of $382,336 USD. (£275,000).
https://twitter.com/BurntBanksy/status/1367257656939970560
Banksy’s, Morons, first sold in 2006 for £16,250 and was then reportedly valued at $95,000 USD (£69,000). It’s also an interpretation of Van Gogh’s Sunflowers painting, as well as allegedly being a critique of the art market itself. Hence: I can’t believe you morons actually buy this shit.
The money-making stunt which the group claims is to “inspire technology enthusiasts and artists”, has absolutely turned the art world on its head and the move is also being considered a first for the world of art.
And for those of us who aren’t quite up to speed on what exactly NFT is, we can break it down.
As per The Verge, non-fungible “more or less means that it’s unique and can’t be replaced with something else. For example, a bitcoin is fungible – trade one for another bitcoin, and you’ll have exactly the same thing. A one-of-a-kind trading card, however, is non-fungible.”
They continue to explain, “If you traded it for a different card, you’d have something completely different. You gave up a Squirtle, and got a 1909 T206 Honus Wagner…”
According to Ossian Ward, author of the book Ways of Looking: How to Experience Contemporary Art, he’s low key slammed the digital move saying, “It’s a total stunt, playing off the fact that these things are going for big money. You can say anything is a work of art… but if you burn a Banksy and then want money for it, that ranks pretty low on the art scale for me.”
Watch ‘Morons’ by Banksy be burned in cryptocurrency ceremony.
