Anna Martynova

Blockchain company Injective Protocol bought a painting by contemporary artist Banksy “Morons” for £70,000 and then burned it live to digitize it and present it as NFT. In total, there are 500 copies of this work in the world.

After the burning, the company created a digital image of the art object using blockchain technology. So for the first time in the world, a physically existing piece of art turned into a virtual asset. Later, there was a link to the auction, where the digital masterpiece will be put up for sale. The total value of crypto art sold in NFT form is rapidly approaching $200 mln. The winner of the auction will receive a unique digital code that identifies the work and a certificate of authenticity.

According to art and NFTs enthusiasts, this is all in order to maximize the value of a piece of art. After all, while it exists physically, part of the value belongs to the physical world, and after burning, the work acquires an absolute and unique value. The physical part is forever immortalized in digital NFT, and no one will ever be able to change digital art in any way.

Image: Forbes

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