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.