Banksy is the pseudonymous for a UK-based street artist, political activist, and film director.
While the real name of this artist is unknown, the person has been making satirical street art and subversive epigrams with dark humor and graffiti, created using a unique approach of stenciling. Due to the distinct approach, Banksy's works have been showcased around the world, appearing on the streets, walls, bridges and other public places.
One of Banksy's works, is called the "Morons".
Morons is one of six prints belonging to a rare and valuable collection referred to as the Barely Legal Print Set, which also includes the works Grannies, Applause, Trolleys, Sale Ends and Festival.
And the Morons here, is one of the most detailed and intricate works from the set.
The screen print that was created back in 2006, depict an auctioneer conducting a sale to a room packed with bidders. It was first displayed at the artist’s iconic American exhibition Barely Legal, which took place in a warehouse in Los Angeles, also in 2006.
Initially, Banksy made 100 unsigned prints, printed by Modern Multiples, which were sold for $500 a piece. In 2007, Banksy’s UK-based printer Pictures of Walls re-edited Morons prints, and made them in three different colors, with another 500 prints were unsigned, 150 prints were signed in monochrome, and 300 prints were signed on a sepia background.
And this time, some cryptocurrency enthusiasts have burned the artwork.
Morons, which has been made a tokenized artwork by the enthusiasts, was then sold for 228.69 Ethereum, or about $394,000, on the Open Sea NFT marketplace, to an individual dubbed “Galaxy.”
“This 1 of 1 NFT was created upon the burning of the original Pest Control-certified Banksy ‘Morons’ print #325 of 500,” detailed the Opensea listing.
“This is the first-ever authentic Banksy piece being turned into an NFT.”
As for the group that burned the Banksy piece, they said that:
“By removing the physical piece from existence and only having the NFT, it makes sure the NFT due to the smart contract on the blockchain will ensure that no one can alter the piece, and it is the true piece that exists in the world.”
The supposed purpose of the burning was to forever memorialize the art in NFT.
Previously, NFTs have made headlines, most notably after Grimes, the partner of Tesla, Inc. CEO Elon Musk, sold her digital artworks for millions of dollars.
Others that have made similar moves including Beeple and Lindsay Lohan.
And just recently, Twitter founder and CEO Jack Dorsey has also entered the NFT craze by attempting to sell the first-ever tweet on Twitter, which he made back in 2006.
Further reading: The Rise Of NFT Arts: Disrupting Traditional Forms Of Showcasing And Collecting Arts