They bought a Banksy, burned it, and turned it into an NFT: It now lives on the blockchain.

By
Jennifer Maldonado
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The popularity of NFTs or non-fungible tokens as collectible pieces continues to rise. The news is about a Banksy work that has arrived on the Ethereum blockchain. Currently, this piece by the renowned artist is being auctioned through the NFT platform OpenSea and a user paid $400.000 for her.

Is Print number 325 of a total of 500 by the English artistThis work, titled "Idiots," is one of the famous urban artist's most irreverent and important works. This incorporation of the painting into the blockchain not only reflects the growing trend in the cryptocurrency space, but also does so in a surprising way.

From canvas to blockchain

The company that bought the work "Banksy's Idiots" from the Tagliatella Gantes Twitterallery in New York was Injective Protocol. Later, the project members held a ceremony broadcast live through the social network X (formerly Twitter) and from the profile @BurntBanksy and in the video you could see how they burned the physical silkscreen.

But, after the shocking video, The work "resurfaced" in the form of an NFT and moved to the Ethereum blockchain, where it was auctioned on the OpenSea platform as a unique digital piece. Before its sale for $400.000, more than 30 bids were received in WETH, the wrapped ETH token, whose value follows that of Ethereum.

Idiots and controversial art

La Screen print titled “Banksy’s Idiots” It was a physical, black and white silkscreened work depicting a scene that could have been dated to the 19th or early 20th century. Curiously and pertinently, The work represents an auction in which you can see several framed paintings with a sign on the side next to the auctioneer that says: "I can't believe you idiots actually buy this shit."

Inspiration for new artists

The team responsible for the Burnt Banksy project With this initiative, the company seeks to inspire and promote NFTs not only among technology enthusiasts, cryptocurrency and blockchain enthusiasts, but also among established and emerging artists interested in exploring a new medium of expression on the blockchain.

But Why choose to burn the physical work instead of preserving it? Injective Protocol responds to this by stating that, just as they have a physical painting in their living room, this act ensures the transfer of the value of the physical work to the token and that this was the only way to own the screen print.

The reactions

Not everyone reacted positively to the burning of Banksy's original screen print. Many people called it the act of seeing the painting on fire as “atrocious”, “the most absurd thing I’ve ever seen” and there were even those who claimed that NFTs would never become art and that burning the real work of art was disrespectful to the painter’s work.

However, The popularity of NFTs continues to grow day by day. There are supporters and detractors, and divided opinions have emerged. On the one hand, we are witnessing the birth and flourishing of an industry that can mobilize millions of dollars in collectible pieces linked to digital assets. to sports, cinema, music, television, art and video games. In contrast, there are those who observe with caution what is happening and believe that NFTs are like the foam in a glass of Coca-Cola that after serving it goes down and disappears.

Who is Banksy?

Several names have been linked to the true identity of the anonymous Banksy. Among them, Robert Del Naja, Robin Cunningham, Neil Buchanan from Art Attack and it has even been speculated that it could be a group of several people who display a rebellious artistic style and who are surely from the city of Bristol.

According to a BBC quote, a world first reported by The Mail on Sunday identified Banksy as Robin Gunningham whom the outlet described as “a private school alumnus who grew up in a middle-class neighborhood.”

The BBC, for its part, highlighted that the artist's first name is "Robbie" to back up the report. To corroborate this, journalist Nigel Wrench He had a telephone conversation with the artist and asked him if his name was "Robert Banks," to which Banksy simply replied, "It's Robbie." This full interview is available on the BBC Sounds platform as “Radio 4’s Banksy Story”Gunningham has never commented on these speculations.

NFTs and the blockchain art boom

Before March 2021, knowledge about NFTs on the blockchain as unique digital pieces were the domain of a few. But, at this date, the famous auction house Christie's sold a collage titled Every Days: The First 5,000 Days by the artist known as Beeple and it sold for a staggering $69 million.

This event catapulted Beeple to stardom. and made him one of the most sought-after artists in the world during his lifetime. But, being virtually unknown in the traditional art world, This auction did not make headlines in the international press., but it did spark a wave of interest, rumors, and speculation surrounding NFTs.

The cryptocurrency market has faced ups and downs since then, and the same has happened with NFTs. But, there's no denying that they've maintained their relevance and that have left a mark on the history of artFor many, the exorbitant price of Beeple's work symbolizes an evolution or cultural transformation of art (especially urban art) that began to take shape in the 20th century and that has marked a before and after in how we conceive digital art.

Are all NFTs art?

NFTs are based on smart contracts and have multiple applications that go beyond the realm of art or the collection of specific pieces. They can be used to sell train or plane tickets, sporting events, plays, or concerts.

They also serve to track products in logistics supply chains with their specific codes. They can be used as avatars in video games and even to certify ownership of virtual or physical goodsThis demonstrates that not all non-fungible tokens should be associated exclusively with art or collectibles.

Even so, this idea has been strongly adopted by collections and has sparked the interest of those who like to acquire these digital assets. All this has been happening since 2021, when "Non-Fungible Token" was chosen by the Collins dictionary as the words of the year. From there big companies like McDonald's, Nike and Gucci and characters like actresses Mila Kunis and Lindsay Lohan, the fashionista Paris Hilton, actor Bill Murray and athletes Cristiano Ronaldo, Michael Jordan, Lionel Messi and Tom Brady launched their own NFTs on the blockchain.

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