An original Banksy painting burned by a group of crypto investors has sold for 228.69 ETH or roughly $380,000 at the time of purchase. Before burning the artwork, the original painting was digitized using blockchain technology on SuperFarm to turn in into an NFT. The sale included approximately 70 bidders pushing the price up from a starting price of 0.00001 ETH for around three days.
Injective Protocol Bought the Original Banksy Painting
Blockchain company Injective Protocol, bought the screen print from a New York gallery for roughly $100,000 in February.
On March 4, the artwork owners physically burned the painting on a Twitter live stream in a Brooklyn park.
Full HD videohttps://t.co/sKAu2AERmJ
— Burnt Banksy (@BurntBanksy) March 3, 2021
The group noted the reason for choosing a Banksy painting:
“We specifically chose a Banksy piece since he has previously shredded one of his own artworks at an auction. We view this burning event as an expression of art itself. We are generating a new form of artwork via the creation of this unique NFT that is a direct representation of the physical.”
The Banksy NFT painting was sold to Galaxy,’ an OpenSea user who currently has four NFTs on display, including a satirical piece depicting renowned artist Frida Kahlo as Kim Kardashian in her infamous internet-breaking photoshoot from 2014.
Banksy Painting’s Sold as NFT
The original painting ‘Morons’ is a black-and-white depiction of an art auction from 2006 during the record-breaking sale of Van Gogh’s Sunflowers’ in 1987.
Over the painting it’s written, “I can’t believe you morons actually buy this sh*t.” Morons were valued at $95,000 USD, originally bought from New York’s Taglialatella Gallery.
Banksy is an anonymous artist and political activist who gained notoriety by creating graffiti, photos, and short films that often contain satirical social commentary.
The original artwork carries Banksy’s signature and was authenticated by Pest Control, the only organization authorized to certify Banksy’s art.