A group of crypto artists bougth and original print by Banksy in order to burned it and the digitized it as a NFT. But what the hell is that?
For the first time in history, a work of art is physically burned and then turned it into a piece of cryto art which is on sale as a NFT (non-fungible token). A group of crypto artists bougth the print #325 (of 500) of Morons (2016) by Banksy, which is valued by Sotheby’s in 16,250 pounds. After being saled, the artists made an Art Burning Ceremony at a hidden location in Brookly. The event was broadcasted trough the twitter account @BurntBanksy where is also taking place the auction of the NFT Banksy. From March 4th to the day the piece is purchased, the piece is openly auctioned and all the proceeds from the sale will going to charity.
To be clear, crypto art is digital art that is treated like physicar art due to the ability to have verified ownership of the piece. On the other hand, NFT is a non-fungible toke and a non-fungible token means that it’s unique and can’t be replaced with something else. NFT can be anything digital (a drawing, music, that can be downloaded and then turned into an AI).
In this case, Banksy’s work was made physically by the artist—who btw it is not involved with this action—, so it was necessary to burned it and the turned them into a digital well. The winning bidder, of course, will receive the official proof of authenticity from Banksy’s authentication agency, Pest Control.
Source: The Verge