For Banksy and NFT fan group Burnt Banksy, the true value of the acclaimed artist’s artwork now resides on the blockchain, rather than in the original real-world piece that can be modified or altered at will.
The work of art “Morons"Of Banksy, one of the most famous living artists in the world, was cremated in front of the cameras, and before the eyes of thousands of spectators who were stunned by the feat.
The group of Banksy and non-fungible token (NFT) fans, called Burnt Banksy, Banksy has started a strange and energetic movement in which they intend to literally burn several of the physical works of the British artist Banksy, until only ashes remain. According to the ideology of the group, original works of art, which exist in the real world, can be involved in manipulations, modifications and alterations, which their owners or other actors can do at will. Therefore, in order to protect their true essence and value, it is better to burn them and keep them only in blockchain, in the form of NFT tokens that cannot be exchanged or duplicated, and where they will be the only works of art that exist in the world.
According to transmission which was performed live via Burnt Banksy's channel On YouTube, the “Morons” artwork that was burned was the original piece created in 2006, which sold that year for £16.250; equivalent to about $22.500. The artwork was certified and authenticated by the Pest Control Office, the office that acts on behalf of Banksy to certify the authenticity of his printed works.
The group also explained that the artwork was tokenized on the blockchain and turned into an NFT, which is being auctioning on the NFT market OpenSea until March 7. Within this digital market, the work already has offers worth 5 ETH, equivalent to about $7.750 at the time of this edition.
It may interest you: NFT tokens, protagonists of ETH Denver 2021 and trend this year
Real value for NFTs
Burnt Banksy wants to boost the true value of NFTs by eliminating physical artworks, and leaving only non-fungible tokens that live on the blockchain in existence. As one of the group's members announced at the time of burning the Banksy artwork, as long as an artwork exists in physical form, its value will be tied to and remain in the real-world artwork.
Thus, to achieve the true transition from a physical artwork to a digital one, it is necessary to completely recreate the physical artwork on the blockchain, introducing specifications that prove its authenticity, such as the version number of the art within the code of a smart contract (smart contracts), where no one will ever be able to alter the work in any way. In this way, the group of fans believes, the artwork will be forever recorded as an NFT that everyone can admire, but no one can alter or duplicate. Also, anyone who wants to buy the original artwork will be able to do so only through the NFT on the blockchain.
Although this is a rather risky move for collectors and dealers, Burnt Banksy believes that this is the way to go to give real value to NFTs.
The group also reported that this is the first burning of a Banksy artwork, hinting that there are many more yet to be turned to ash and immortalized on the blockchain.
Exclusivity and authenticity
The collector who wins the auction of the tokenized work will receive a certificate of authenticity from the Pest Control Office, and will have 2 weeks to claim it before it is burned along with the work.
Existing solely on the blockchain, Banksy’s “Morons” artwork appears to be the only exclusive, authentic and most secure artwork in the world. CEO of Web3 accelerator Outlier Ventures, Jamie burke, expressed that this was a good thing for the industry, although many others consider it to be just a publicity stunt to sell the work for more money.
Continue reading: NFTs hold their first Illustration and Digital Art Competition
