Original artwork by England-based street artist and political activist Banksy was burned to turn the art into a non-fungible sign (NFT). The screen print was one of only 500 made and was authenticated by Banksy verification company Pest Control. The burning was a symbolic message to turn a rare physical work of art into a non-fungible digital collector’s item.
Burning a Banksy ‘Morons’ print
A Twitter account called @burntbanksy, made up of a group of arts and NFT enthusiasts, appeared on social media in February. The group of collectors and investors announced that the group would burn legendary street artist Banksy’s artwork on March 2, 2021.
England-based artist and well-known political activist, Banksy is one of today’s most popular graffiti artists with his unique street art commentary and stencil technique. The Burnt Banksy team decided to destroy a piece called “Morons” that was screen printed in 2006.
In 2006, Banksy made 500 prints of the artwork “Morons”. It is estimated that each physical piece is worth roughly £ 70,000 or $ 97,000 + USD.
“Morons” is a critical stab at the art scene because it ridicules buyers of Banksy’s artwork. The graphic is of an art auction and the painting sold says, “I can’t believe you idiots are actually buying this shit.” The art of the Burnt Banksy team was a screen print numbered 325 out of 500 pieces Banksy created. It is estimated that the “Morons” prints are valued at around £ 70,000 or $ 97,734. “Morons”, coined by Banksy in 2006, was also certified by Banksy’s Pest Control authentication team.
One of the members of the Burnt Banksy crew appeared on a livestream to show the burn process and explain why. The person mentioned that the team was a group of art enthusiasts supported by Crosschain’s Superfarm decentralized finance project. According to the announcement of the burning ceremony, the NFT “Morons” will be sold on Opensea’s NFT marketplace.
“Right now I’m going to burn this Banksy,” said the individual as he held a lighter in his hand. “The reason for this is that if we had the NFT and the physical part, the value would be mostly in the physical part. By removing the physical part from existence and only the NFT is present, it ensures that due to the smart contract in the blockchain, the NFT ensures that no one can change the part and it is the real part that exists in the world . “
The Burnt Banksy representative added:
This way the value of the physical piece is shifted onto the NFT and is the only way to have that piece more. The goal here is to inspire, we want to inspire technology enthusiasts and we want to inspire artists. We want to explore a new medium of artistic expression.
Amid widespread popularity, NFT solutions have been criticized
The Burning of Banksy “Morons” comes at a time when non-fungible token assets were very popular in 2020 and through 2021. NFT artists sold millions of dollars worth of NFT art last year, and millions more this year. Artists like Beeple, Bosslogic, and even Justin Roiland, co-creator of the adult swim cartoon series Rick and Morty, have all sold NFTs with record sales.
The Banksy print called “Morons” was burned by the group to turn it into a non-fungible token (NFT).
In addition, the well-known collector’s card and candy maker Topps has issued non-fungible token assets tied to its GPM (Garbage Pail Kids) card series. Enjin and Microsoft recently announced the release of NFT articles compatible with the world’s most popular video game, Minecraft.
Burning and transferring Banksy artwork to an NFT also comes at a time when NFTs are being criticized. A number of well-known crypto lights believe the non-fungible token industry is just a fad, and Charlie Lee, the inventor of Litecoin, compared it to the 2017 ICO (Initial Coin Offering) stage.
“I see a lot of parallels between the NFTs of 2021 and the ICOs of 2017 and the Altcoins of 2013,” Lee tweeted on March 2nd.[NFTs are] easy to create new ones with no obstacles, easy to understand [and] explain, brings tons of new people into crypto, [NFTs have] high prices [and] Pumps generate hype / FOMO, [but] Few will last and have value, most will not, ”added Lee.
Is it just me or do celebrities seem to be pestering all of their fans with NFTs?
– Andrew Køng (@Rewkang) March 2, 2021
The question arises as to whether NFTs are taken as seriously as physical art. Sure, it has brought a new medium of expression to artists, but for some people who tie metadata to a crypto token, art doesn’t make art immutable. Critics think that just taking a screenshot would be enough, and all NFT buyers are simply buying lines of code.
For many NFT proponents, Banksy’s recent “Morons” burn marks a milestone and a step into an entirely new medium of expression. However, some people view the ceremony as the mere destruction of a perfectly fine piece of art by Banksy for a few lines of Ethereum’s solidity code.
What do you think of the team that burned the Banksy screen print “Morons”? Let us know what you think in the comments section below.
Tags in this story
“Morons”, “Morons” Print, Banksy, Banksy Art, Banksy NFT, Banksy NFT Art, Banksy Non-Fungible Token, Beeple, Bosslogic, Burnt Banksy, Charlie Lee, Critic, Justin Roiland, Litecoin Creator, NFT- Art, non-fungible token, opensea
Photo credit: Shutterstock, Pixabay, Wiki Commons, @burntbanksy, Twitter, Youtube, Banksy,
Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or a solicitation of an offer to buy or sell or a recommendation or approval of products, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use or reliance on any content, goods or services mentioned in this article.
