The original piece by the anonymous British street artist Banksy has been burned into an intangible symbol. NFT will be auctioned next week on the blockchain-based Rarible platform, where users can create and buy rare symbolic art.
The original Banksy play in question is a satirical play called Morons, which shows an art auction buyer offering artwork adorned with the words “I can not believe that idiots really buy this shit.” The piece is certified by Pest Control, which is the only agency authorized to verify the authenticity of Banksy’s original works.
The idiots were sold at Christie’s in London in late 2019 and sold for $ 32,500 from an anonymous independent buyer.
This piece was burned in an unknown location in Brooklyn, New York and streamed live via the newly created BurntBanksy Twitter account. The arson was allegedly carried out by a group of cryptocurrency enthusiasts in collaboration with the leaders of the Injective Labs blockchain project.
The validated part was coded without sharing Banksy’s pseudonym. Recently, however, other famous artists have found it beneficial to dive into the world of cryptocurrencies, which was recently shown when the famous British artist Damien Hirst announced that he would accept requests for his work in Bitcoin (BTC) and Ether (ETH). .
By the end of 2020, the NFT market had grown into a separate industry, with almost $ 9 million in token sales recorded in December 2020 alone. But that was just a sign of what was to come, as NFT sales increased in 2021, driven by the rankings of many famous celebrities such as YouTuber Logan Paul and businessman Mark Cuban.
Celebrated Canadian musician and artist Grimes on Sunday launched the NFT group “WarNymph”, which sold for 5.8 million dollars. The NBA recently formed a joint venture with Dapper Labs, the creator of CryptoKitties, to launch the NBA Top Shot, an NBA-themed digital token market that has generated $ 230 million in sales since its launch.
Stupidity is not the first piece that Banksy deliberately destroyed. In 2018, Banksy’s “Girl with a Balloon” was automatically destroyed shortly after it was sold at Sotheby’s for $ 1.4 million. The artist later revealed that he had installed an automatic shredding machine in the painting frame if it was to be auctioned. Ironically, the crushed Banksy is now considered more valuable than the original.
NFT Morons will be sold on Rarible on Tuesday next week. All proceeds from the auction will be donated to charity. The winning bidder will be eligible for a pest verification certificate. However, it will also be burned if it is not claimed within two weeks of the sale.
In an art industry full of forgeries and forgeries, idiots can now be Banksy’s most authentic and reliable works in the world. When blockchain is specified, the probability that it will be tampered with, altered or tampered with in any way is close to zero.
Given Banksy’s rejection of the inflated, materialistic art world, what is his view of the current obsession with the NFT? Watch out for local graffiti. The answer may appear soon.