“Idiots”, a work of art now symbolized by the legendary street artist Banksy, has sold for more than $ 394,000 on the Open Sea NFT market.
What happened: The piece – burned by an unidentified group of cryptocurrency enthusiasts last week – was sold at auction for 228.69 euros. ethers (CRYPTO: ETH), which has so far been traded at $ 1,724.
Injection protocol (CRYPTO: INJ) is supposedly the company behind the purchase. Mirza Uddin, a spokesperson for the Injective Protocol, said the group had not yet decided which charity would receive the proceeds from the play’s non-fungible token auction, but said it would focus on COVID-19, CoinDesk reported.
“Our goal is to build a bridge between the world of traditional art and the world of NFTs. Therefore, we will certainly do more to defend this ethos, ”said Uddin.
Why does it matter: Uddin said that another event with a prominent artist is already in the planning stage, according to CoinDesk.
The group that burned Banksy’s piece said that “as long as the physical piece exists, the value of that piece will remain with the physical”.
The supposed purpose of the burning was to honor NFT art forever. The original part was purchased for $ 100,000.
NFTs have been drawing attention lately with Grimes, the partner of Tesla Inc (NASDAQ: TSLA) CEO Elon Musk, selling NFT digital artwork over $ 6 million. Others who have made similar moves include Beeple and Lindsay Lohan.
Litecoin (CRYPTO: LTC) creator Charlie Lee warned against the frenzy over NFTs last week and said that NFT is not a work of art.
Price action: The cryptocurrency apex Bitcoin (CRYPTO: BTC) was 1.23% higher at $ 50,355.90 so far.
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