Blockchain companies buy Banksy artwork, burn it, and convert it to a digital original

The blockchain company bought Banksy’s artwork for $ 95,000, burned it, and broadcast it live on Twitter. This is all part of the process of turning your work into a virtual asset called an irreplaceable token (NFT).

The company behind the stunt, Injective Protocol, purchased the New York screen print “Morons (White)”. Talia Latera Gallery, Then burned it on Monday night. Held in a private area of ​​Brooklyn, the event was livestreamed through a Twitter account. Burnt Banksy..

After a while, Injective Protocol employees used blockchain technology to create a digital representation of art. High seas, Mark Cuban recently gained a bad reputation after using it to publish himself NFT..

While digital art has gained popularity lately, the event is the first major example of physical artwork turning into a unique digital asset, said Mirza Uddin, executive of the Injective Protocol. ..

“I think this fiery event is an expression of the art itself. I’ve shredded one of my artworks at an auction before, so I chose Banksy’s work specially,” Uddin said. Added.

“Morons (White)”, a Banksy painting acquired and digitized by the injective protocol

Image: Banksy

The original print is a black-and-white depiction of the art auction, contains a mock message to potential art buyers, is Banksy-signed, and Pest control, The only organization authorized to certify Banksy’s art. The print was one of the 500 editions.

Representatives from the Taglialatella Gallery confirmed that the prints were sold to the Injective Protocol in January. CBS News has received a Certificate of Authenticity and a transaction receipt. According to the Injective Protocol, Taglialatella Gallery was unaware that printed matter would be destroyed at the time of sale.

Banksy Is an anonymous artist, political activist, and notorious for making graffiti, photographs, and short films. The artist does not make a public statement.

Certificate of authenticity of “Morons (White)”.

Courtesy injective protocol

Betting on digital

According to Mirza, in the case of Injective Protocol, a three-year-old company that operates a decentralized platform for blockchain transactions, the project will test the ability of blockchain to act on behalf of physical art assets. is.

“We completely reproduce the physical work and enter specifications such as the art version number. Smart contract code, [so] “Digital art cannot be changed. Physical works will be forever commemorated at this NFT,” said Mirza.

Non-substitutable token A virtual item that uses blockchain technology Smart contract We guarantee that each item or asset is unique and immutable. For example, NFT can link to digital photos, videos, virtual trading cards for video games, and even digital artwork. Digital items such as photos can be copied indefinitely, but NFTs are immutably unique, so you can’t run out of linked virtual assets. NFTs can be transferred or sold, but unlike millions of dollar bills that are exchangeable and hold mutually equal value, each token has a unique cryptographic signature recorded on smart contracts and verified on the blockchain. Guaranteed. Each NFT is original and cannot be duplicated or subdivided into smaller pieces.

“There are great expectations for NFT, and we believe that blockchain technology will help to further diversify artistic expression, as demonstrated by this Banksy burning,” says Mirza.

Still, the NFT market is unproven, so the company could incur losses in Banksy’s transactions.

When asked to estimate the value of Banksy NFT, Mirza said, “I don’t know.”

The value of NFT has skyrocketed in recent weeks. According to Trading Platforms, a retail trading site and currency ranking site, NFT’s trading volume has exceeded $ 400 million over the last 30 days, with an average of about 17,000 active traders per day. A Survey According to the site, NFT is driving mainstream consumer interest in cryptocurrencies.

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— Burnt Banksy (@BurntBanksy) March 3, 2021

According to the report, “NFT is valued for its cultural importance and social capital associated with retaining such remarkable works.” “Unlike assets like Bitcoin, NFT provides the ability to attract the attention of individuals and put them into the blockchain space,” he said.

Value or hype?

Not everyone is bullish on NFT. “As a collector of physical items like sports souvenirs, I get the appeal of ownership and exclusivity,” said Drew Olanoff, TechCrunch writer. “But the hype around NFT is on the rise,” he said.

“I have a lot of things to do right now to get a fortune or be left behind,” Oranov said. “Potential benefits [is] It’s for artists, but I haven’t seen it for consumers yet. ”

A slowdown in hype will reveal or cool the true value of NFT, Olanov said. For now, he warned potential buyers not to get caught up in excitement. “These are asset classes, and even if they are new, financial constraints may and should be applied,” he said.

Blockchain companies buy Banksy artwork, burn it, and convert it to a digital original

Source link Blockchain companies buy Banksy artwork, burn it, and convert it to a digital original

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