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Banksy Work Physically Burned and Digitized as NFT in Art-World First

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Jamie Crawley
·1 min read
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A piece by famous street artist Banksy is to be sold as a non-fungible token (NFT) – after the original was physically burned in Brooklyn, N.Y., on Wednesday.

It’s a first for the art industry as NFTs jump into the mainstream consciousness.

The piece, “Morons,” which pokes fun at art collectors, has been burned by a team of crypto enthusiasts at a discreet Brooklyn location.

Related: Inflation Is on the Rise in the Euro Area. Here's What That Means for Crypto Demand in Europe

To be clear, Banksy was not involved. The piece was bought for roughly $100,000, an unnamed source told CoinDesk.

The burning was live-streamed through the Twitter account @BurntBanksy, after which the team created an NFT to represent the artwork on the Ethereum-based OpenSea marketplace.

An auction for the NFT will commence on OpenSea on March 4 with proceeds from the sale going to charity. The winning bidder will receive the official proof of authenticity from Banksy’s authentication agency, Pest Control.

Banksy has destroyed his own artwork in the past, shredding his painting “Girl With Balloon” immediately after its $1.4 million sale at Sotheby’s.

Related: Wyoming Senator Says National Debt Is Debasing the Value of the US Dollar. Is Bitcoin the Solution?

“I think [Banksy] would appreciate what we are doing since he also promotes creativity and iconoclastic ideas,” the team behind the burn told CoinDesk in a statement.

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