Blockchain Company Buys and Burns Banksy Artwork to Turn It Into a Digital Original

A blockchain company bought a $95,000 Banksy artwork, burned it and broadcast it live on Twitter — all part of a process of turning the work into a virtual asset called a non-fungible token, or NFT.

Injective Protocol, the company behind the stunt, bought the screenprint “Morons (White)” from New York’s Taglialatella Gallery, then burned it. The event, which took place in an undisclosed Brooklyn neighborhood, was live-streamed through the Twitter account @BurntBanksy.

Moments later, Injective Protocol employees created a digital representation of the art using blockchain technology on the OpenSea, which recently gained notoriety after Mark Cuban used it to issue his own NFT.

h/t: cbsnews

According to the statement: “Hi everyone. I am excited to share with you today the first ever burning of an authentic Pest control certified Banksy piece. After the burn, we will mint an original NFT with the help of SuperFarm which is an innovative new platform for accessing and selling NFTs.

I represent one of the members of a group of art and NFT enthusiasts. The piece itself is called Morons and it was first created back in 2006. We see this event encapsulating the first ever major transition of a physical art piece into a digital one.

We view this burning event as an expression of art itself. We are generating a new form of artwork via the creation of this unique NFT that is a direct representation of the physical. The reason the burning itself is so important is because as long as the physical piece exists, the value of that piece will remain with the physical. However, if we entirely re-create the physical piece and input specifications such as the art version number into the smart contract code, no one can ever alter the the digital art in any way. In this way the physical piece will forever be memorialized in this NFT.

We hope to inspire new tech and art enthusiasts with our work. We believe NFTs hold tremendous promise and blockchain technology can help to further diversify art expression as we have demonstrated with this Banksy burning.

Finally, I would again like to thank our friends at SuperFarm and Injective Protocol for their support in organizing this event.”








(Visited 1 times, 1 visits today)

Leave Your Comment Below


If you want more awesome content, subscribe to 'Oh, Design You Trust,' our brand new Facebook page! Trust me, you won't be disappointed.

More Inspiring Stories

20 Honest Valentine’s Day Cards. Offensive & Hysterical.
New 'Anti' Fashion Modeling Agency Debuts Its Stunning Avant-Garde Stars Of All Sizes And Backgrounds
Incredible Hyperrealistic Pencil Drawings By Jésus Moròn
German Graffitist Creates 3D Optical Illusions Over The Urban Landscape
Artist Reimagines Disney Characters As Famous Classical Paintings And Pop Culture References
Sick Bastard Jeff Mahannah and His Off-The-Wall Humor
Artist Unveils A Monumental Pen & Ink Drawing Nearly 3.5 Years In The Making
"Keep the Dream Alive": The Superb Everyday Surreal Artworks of Mostafa Khaled
Powerful Artworks That Warn Of World Without Hope
Snowfall Makes Cars Happy: Someone Drew Eyes And Smiles On The Snow That Fell On The Cars
Paper Art by Benja Harney
An Artist Portrays Everyday Life, And His Sense Of Humor Is Quite Unique
Artist Creates Brilliant Comics For People Who Like Dark Humor
A Couple that Recreated Scenes from "101 Dalmatians"
This Graffiti Artist Makes Walls Appear Transparent Using Nothing But Spray Paint
Stunning Vintage Photos Of Women Modeling Bathing Caps With Faces On Them
Hardcore Bar and Grill Visual Identity
Traveller’s Joy – The Key To The Countryside – Beautiful Shell Adverts From The Mid-1950s
The Superb Poster Art By Flavio Greco Paglia
Really Weird Things That Were Washed Up On The Shore
Artist Creates Whimsical Illustrations Where Animals Become Puns
Japanese Artist Paints Hyperrealistic Paintings That Are So Precise You Might Confuse Them With Photos
Photographer Creates Mind-bending Mashups To Mess With Your Head
Smart Social Advertising That Will Make You Look Twice
Close-Up Cuisine
This Guy Has a Very Strange Drive to Work with This Crazy Car in the Lane Next to Him
This Artist Redraws Photos Of People In Their Twitter Profile, And The Results Are Funny!
Coloring Book Images That Were Turned Into Something Hilariously Horrifying
Street Artist Mobstr Unveils A Giant Mural In Vilnius, Lithuania
Japanese Artist Makes Models Burst At The Seams With Creepy Zips, Buttons And Power Plugs Painted On Their Skin