NFT Artwork Gets Sold For 1 Million Pounds, Gets Burned Thereafter

The latest revolutionary event to grip the art world witnessed an anonymous guild of “art digitalists” purchase an original Bansky and then set it ablaze. Nevertheless, they did this after digitizing the work into an NFT.

It is to be noted that the incendiary event itself has a past precedent. In 2018, a Banksy painting named ‘Girl with Balloon’ self-shredded instants after selling for 1 Million pounds at Sotheby’s auction house. The painting, rechristened ‘Love is in the Bin’, may perhaps now be worth double in the mysterious ways of working of the art world.

As for the recent painting set ablaze in Brooklyn, it marks the 1st time a painting has been set on fire then vended in digital form, with Banksy’s agency Pest Control validating the event. Dubbed Morons, the piece of art pokes fun at rich collectors for spending excessive sums on paintings.

Of late, sales of NFT-based art works have surged significantly and have touched a record figure of over eight million dollars in the month of December. Through the NFT model, artists can open their work up to a broader audience of virtual asset users looking to spend their crypto.

The billionaire owner of the Dallas Mavericks, Mark Cuban recently expressed his trust that Non Fungible Tokens possibly will turn into one of the top revenue sources for the NBA over the ensuing ten years.

Regardless of what ensues with NFTs in the imminent future, the notion of burning and tokenizing a Banksy painting is something one has a suspicion the artist would approve of. It’s easy to visualize a batch of artists and innovators hopping on the bandwagon and monetizing their output in the form of Non-Fungible Tokens, stimulated by this latest occurrence. This may be a bubble. Nevertheless, it seems as if it is in no urgency to pop.