British anonymous street artist Bansky burned an original artwork and turned it into a non-tradable token (NFT). NFT will be auctioned next week on the blockchain-based platform Rarible, where users can create and buy rare tokenized artworks.
The satirical work of art in question was called “Morons”. The work depicting the buyers at the art auction is decorated with the sentence “I can’t believe you morons really bought this”. The artwork received certification from Pest Control, the only authorized name to verify original Bansky works.
The “Morons” were sold for $ 32,500 at Christie’s auction house in London at the end of 2019.
The NFT market has become an industry in its own right in late 2020. Almost $ 9 million worth of tokens were sold in December 2020 alone. NFT sales exploded in 2021 thanks to the support of names like YouTuber Logan Paul and entrepreneur Mark Cuban.
Canadian musician Grimes would sell his NFT collection “WarNymph” for $ 5.8 million last Sunday. The NBA has also partnered with Dapper Labs, creator of CryptoKitties, to launch NBA Top Shot, the NBA-themed digital token marketplace. The marketplace has sold over $ 230 million since its inception.
The “Morons” NFT will be auctioned on Tuesday next week at Rarible. All income from the sale will be donated.