In summary
- “Idiots”, an original work of art by Bansky was burned and turned into an NFT.
- The 2006 work ridicules collectors who pay large sums of money for art.
An original work of art by iconic British street artist Banksy, called “Idiots”, was physically burned and transformed into a digital representation, known as NFT—By a group of collectors and investors. This digitalized art form, the group argues, is the future of the art industry.
Idiots, who had a estimated value in £70,000 ($ 100,000) before being burned, ridicules art collectors for buying expensive pieces of art. It was destroyed in Brooklyn, New York this afternoon, and the event was broadcast live to a global audience. Before its destruction, the work was authenticated by Pest Control, an organ that Banksy set up to verify his art.
“The main intention here is to be the first event where a physical piece becomes a digital piece”, said a representative of the responsible group Decrypt. The group includes Decentralized Finance (DeFi) projects Injection protocol and SuperFarm.
Destructive forces at work in the art world
Non-fungible tokens have taken the world by storm in the last few weeks, with a piece, by the cryptographer Beeple, looking for more than $ 6 million. The total value of encryption sold in the form of NFTs is rapidly approaching $ 200 million, and celebrities like Grimes are taking action. The musician, who is also Elon Musk’s girlfriend, changed $ 6 million auctioning off its NFT collection last week.
Banksy’s idiots portray a historic moment in the art world, when Van Gogh’s sunflowers reached a record price of more than $ 22.5 million ($ 31.4 million) in 1987, ushering in colossal changes in the art market , with the emergence of the first “mega lot” auctions.
In the image, a screen being auctioned shows the words, ‘I DON’T BELIEVE YOU MORONS BUY THIS SHIT.’
Banksy’s mockery of art collectors willing to bid large sums of money to buy his work, or that of other famous artists, made him an obvious target for the project, the spokesman said.
The destroyed artwork will now be transformed into an NFT, on the SuperFarm market, according to a press release, and will soon be up for auction. The winning bidder will receive the unique digital code that identifies the work and the Pest Control certificate of authenticity. Part of the money raised from the sale will go to charities, according to the statement.
Banksy’s works have already been appropriate and transformed into NFTs, earning an artist nearly a million dollars – before the practice was controversial. But this is the first time that a Banksy, or any original work of art, has been destroyed and digitized in this way, say the enthusiasts behind the project. And the group plans to continue with this work, stimulating “a new era in the art world, where artistic works can live digitally forever”, according to the statement.
“We intend to burn some pieces after this one too,” said the spokesman. “It will also probably become more popular to burn a piece [of art] in the real world, in order to coin it into an NFT. ”But they added that, since it is the first time that it is being done, the value will be higher, given the novelty of the event itself.
In the real world of art, in 2018, a similar feat was accomplished by none other than Banksy himself. His iconic print “Girl with a balloon” was cracked seconds later, he fell on the hammer for $ 1.4 million, in an event that conquered the art world.
Far from devaluing work, experts say the feat may have a real impact. doubled its value, for the interest it generated. But when a similar venture was later attempted by Banksy’s work owner, art experts said the $ 55,000 print was rendered practically worthless, since only the original artist could perform such an act.
Who is buying NFT art?
Some art experts question the very legitimacy of the NFT market itself.
“I’m suspicious because we don’t know who’s buying NFT art,” said Ben Lewis, filmmaker, art historian and author of “The last leonardo, ”The history of the most expensive painting in the world.
Lewis has made several investigative documentaries for the BBC on the art market, including “The Great Contemporary Art Bubble and” A Banker’s Guide to Art “. His theory, and he emphasizes that it is “just a hypothesis. I have no proof ”, is that some rich crypto-millionaires are trying to establish a new art market. “So they agree to bid on an auction, investing some of their new money in it, in the hope that other buyers will be attracted to the market.”
It is a practice that is not uncommon in the art world, and Lewis points to Grimes’ involvement, as “a little evidence that supports the hypothesis”. And until we know the names of the buyers – which of course we will probably never know – he says it remains a plausible hypothesis.
But while some in the traditional art world are suspicious, a growing movement of NFT artists and collectors is still surfing the crest of a huge wave.
Correction: An earlier version of this article stated that the piece was valued at $ 70,000. You should have read £ 70,000.