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Banksy Work Physically Burned and Digitized as NFT in Art-World First
A group of crypto artists bought the Banksy piece "Morons" and burned it before issuing an NFT. It's an artistic statement, or something.
Updated Sep 14, 2021, 12:21 p.m. Published Mar 4, 2021, 12:00 a.m.
A piece by famous street artist Banksy is to be sold as a non-fungible token (NFT) – after the original was physically burned in Brooklyn, N.Y., on Wednesday.
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It's a first for the art industry as NFTs jump into the mainstream consciousness.
The piece, "Morons," which pokes fun at art collectors, has been burned by a team of crypto enthusiasts at a discreet Brooklyn location.
To be clear, Banksy was not involved. The piece was bought for roughly $100,000, an unnamed source told CoinDesk.
The burning was live-streamed through the Twitter account @BurntBanksy, after which the team created an NFT to represent the artwork on the Ethereum-based OpenSea marketplace.
An auction for the NFT will commence on OpenSea on March 4 with proceeds from the sale going to charity. The winning bidder will receive the official proof of authenticity from Banksy's authentication agency, Pest Control.
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Banksy has destroyed his own artwork in the past, shredding his painting "Girl With Balloon" immediately after its $1.4 million sale at Sotheby’s.
"I think [Banksy] would appreciate what we are doing since he also promotes creativity and iconoclastic ideas," the team behind the burn told CoinDesk in a statement.
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