An original Banksy artwork burned by a group of crypto-savvy artists has sold for 228.69 ETH – $380,000 at purchase

By Selena On Mar 8, 2021

Banksy artwork was purchased by a group of crypto-savvy artists. The work burned in the park and viewed as NFT was sold for 228.69 ETH, or $380,000.

The NFT of the burned painting sold for a record $380,000

Specifically, the work of famous street artist Banksy, titled “Morons” – “Idiot”, will be sold as NFT – after the original burned in Brooklyn, New York, on Wednesday. 3. This was the first time that the NFT appeared for the art industry when the event officially kicked off.

The burning was broadcast live via Twitter account @BurntBanksy, after which the team created an NFT to represent artwork on the Ethereum-based OpenSea marketplace. Artist Banksy is completely not involved. The NFT was originally purchased for about $ 100,000.

The content of the painting is an auction scene, in which the focus is a picture being at a very high price but there are no images or colors, but instead is the words:

“I CAN’T BELIEVE YOU MORONS ACTUALLY BUY THIS SHIT.”

Making history ?https://t.co/1k8EXyUOEZ

— Burnt Banksy (@BurntBanksy) March 7, 2021

The auction started on OpenSea on March 4 with the proceeds of the sale going to charity. Owners of this work will receive official authentic evidence from Banksy’s authority, Pest Control.

Ultimately, Injective Protocol (INJ) was the company behind the Banksy acquisition. INJ spokesperson Mirza Uddin said the group is still deciding which charity will receive the proceeds from the NFT sale, although he has said that all the money will focus support on COVID- 9.

Besides, Mirza Uddin shared more about the company’s orientation on NFT:

“We planned our next event in collaboration with a famous artist. We aim to bridge the traditional art world with the NFT world. Therefore, we will definitely do more to maintain this feature.”

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