Blockchain company Injective Protocol bought a Banksy screenprint for $95,000, burned it and turned the piece into a work of digital art that will be sold as an NFT. The digital representation of the art piece can be viewed and purchased digitally.
The Authentic Banksy Art Burning Ceremony was livestreamed via the Twitter account Burnt Banksy and this in and of itself was meant to serve as an expression of art.
Injective Protocol executive Mirza Uddin says, "If you were to have the NFT and the physical piece, the value would be primarily in the physical piece," and burning the artwork transferred the value of the physical artwork to the NFT associated with it. The digital Morons (White) piece will be up for auction on the OpenSea marketplace until March 9th.
What Makes This Trend Stand Out
- Digital Collectible Art
- Opportunity for blockchain companies and artists to create unique digital collectible pieces that hold value through NFTs
- NFT Marketplaces
- Opportunity to create and manage NFT marketplaces for artists and collectors to buy and sell unique digital collectible pieces
- Bridging Physical and Digital Art
- Opportunity to explore the intersection of physical and digital art by creating digital representations of physical art through NFTs
Sectors Adopting This
- Blockchain Technology
- Blockchain companies can use their technology to create and manage NFTs that hold value for digital collectible art
- Art Industry
- Artists and art collectors can utilize NFTs to create and own unique digital collectible pieces that hold value
- Auction and Sales Industry
- Auction and sales companies can explore the potential for NFTs in the art market and develop new ways to sell and value digital collectible art pieces
