Blockchain company Injective Protocol will sell the burned work of artist Banksy titled “Morons (White)”, which has been converted into an NFT token. This was reported by RBC Crypto with reference to the CBS TV channel.
The token will be put up for auction, where it will be possible to place a bid in cryptocurrency. Previously, Injective Protocol acquired the painting in black and white from Taglialatella Gallery in New York for $ 95,000.
The destruction of the work took place at an unknown location in Brooklyn and was broadcast on YouTube and Twitter. After the painting was burned, the blockchain company created a non-fungible token tied to the “digital image of the art object”. This is the first known case of turning a physically existing work of art into a virtual asset, said Injective Protocol spokesman Mirza Uddin.
Earlier the auction house Christie’s for the first time in the history of its existence held trading in cryptocurrency. A collection of works by the artist Beeple was sold for digital currency. The buyer got the NFT token along with the collection. Each NFT is presented in a single copy and cannot be replaced without the consent of the owner. Such tokens are used to confirm ownership of an object.