April 21, 2021

Popularization of NFT: Banksy's painting was burned and turned into an NFT token

Popularization of NFT: Banksy's painting was burned and turned into an NFT token

A group of digital art enthusiasts tokenized the work of renowned artist Banksy in the form of an NFT token and burned the original, streaming it online.

Will a spark ignite a flame?

The crypto space is increasingly embraced by a newmania - a fever in the segment of NFT (non-fungible tokens). Crypto enthusiasts are starting to take more drastic measures in an attempt to prove that digital assets created on the basis of blockchain have real economic value.

According to the latest such news, the groupactivists staged a live burning of a painting by the legendary English artist who works under the pseudonym Banksy. Previously, the work was tokenized, and now the only version of the picture is the non-fungible NFT token, which will be put up for sale on the largest NFT marketplace OpenSea.

A group calling themselves "art enthusiasts andTechnologies, acquired Banksy's Morons painting for about $ 100,000. They tokenized the painting by converting it into an NFT token, and then launched an online broadcast of the burning of the original on YouTube and Twitter. Banksy's work was destroyed in Brooklyn, New York. The burning of the Banksy painting was watched live by more than 19 thousand people on the group's Twitter page.

Virtual reality

According to the enthusiasts themselves, theydriven by the desire to prove to the world that NFT tokens have real economic value. They emphasized that if the painting and the token coexisted in the same world, then the physical version of the painting would have a higher priority. Now the digital asset has become the only version of this work and therefore has become the original.

Also, a group of activists noted that uniquethe characteristics of the blockchain and smart contracts will ensure the security of this original and protect it from counterfeiting. As commented by members of the crypto community, this was the first precedent for converting a physical work of art into a digital asset.

According to the statements of the group members, their partner is the DeFi-protocol SuperFarm, which will issue the corresponding token and make it available for sale on the OpenSea platform.

As a reminder, last month someNFT enthusiasts have fallen prey to scammers who have put up fake Banksy tokens for sale. By the time of the intervention of Pest Control, the organization representing the artist and certifying his authorship, the volume of NFT purchases had already exceeded $ 1 million.

Where can you buy and sell NFT tokens?

Popularization of NFT: Banksy's painting was burned and turned into an NFT token


OpenSea is the largest online marketplaceto host digital collectibles and other rare electronic assets. On OpenSea, you can buy and sell non-fungible tokens (NFTs), including the ERC721 and ERC1155 standards, as well as discover various digital goods.

The official website of the OpenSea platform https://opensea.io

OpenSea platform was founded in November 2017years, and today it is the largest marketplace for buying and selling digital collectibles and other rare assets. The platform offers over 300 types of assets and over 10,000,000 items.

Thanks to OpenSea, you can buy, bid, and discover digital collectibles and other assets such as domain names and member-specific NFTs.

For a detailed guide on working with the OpenSea platform, see here.

Popularization of NFT: Banksy's painting was burned and turned into an NFT token


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