Blockchain Company Buys and Burns Banksy Artwork to Turn It Into a Digital Original – Design You Trust

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.”








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

Ukiyo-e Heroes: Illustrations by Jed Henry
Coca-Cola Zero to Help Discover a Secret Agent in You
If Classic Childhood Characters Were Badass Lunatics
Artist Jane Radstrom Creates Stunning Portrait Paintings With Photographic Effects
The Expressive Digital Fashion Collages by Charles Bentley
When Bacon Meets Skyrim
Colorful Paintings Capture the Endless Freedom of the Open Road
Chernobyl Exclusion Zone Receives an Official Logo
Real Glitches In The Matrix That Will Freak You Out
Powerful Illustrations By Japanese Artist That Will Make You Think
French Street Artist Paints 3D Creature Graffiti And It’s Not For The Faint Of Heart
25 Year Old British Man Dresses As A 19th Century Regency Gentleman In Bespoke Clothing He Designs
"Papriko 420": A Humorous Art Project For Those Who Are Stoned
Society Of The Dead: Satirical Illustrations By Pawel Kuczynski
Miniature Books Collection Of Jozsef Tari
Funny Telltale Warning Signs That Humanity Is Devolving
An Artist Brilliantly Illustrates The Truth Behind Creative Jobs
Pugs, Star Wars, and The Troubles of Life: Graham Annable's Nicest Pictures
This Man Photoshops Himself Into Series Of Hilarious Scenarios With Celebrities
12 Things You're Doing That Make People Dislike You Immediately
"From Far Away...": Mustafa Said Bilir Creates Dreamlike And Surreal Photo Manipulations
This Artist Reimagined Keanu Reeves As 9 Different Disney Princes
Japanese Illustrator’s 'Real Museum Girls' Series Reinterprets Classic Paintings In Social Networking Age
Awesome Illustrations About Women by Majéon