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In First Physical Banksy Artwork Burned and Digitized to NFT
Mar 4 2021 · 09:07 UTC | Updated
Mar 4 2021 · 10:32 by Bhushan Akolkar · 2 min read
Photo: Burnt Banksy / Twitter
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The 21st-century art enthusiasts are stashing physical artwork and converting them into digital collectibles in the forms of blockchain-based NFTs that are further auctioned for millions of dollars.
The recent developments around NFTs have really caught fire as things have escalated to a whole new level. In a first-of-its-kind move, the original artwork of Banksy worth £70,000, dubbed Morons, was destroyed and converted into a non-fungible token (NFT).
Morons, 2006 popular print ridicules the collectors who pay massive sums of money for art. The destruction happened in Brooklyn, New York while live-streaming the event to a global audience. Pest Control, a Banksy body that verifies the art, has authenticated the original artwork.