August 20, 2022

NFT representing incinerated Banksy painting fetches nearly $400k

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A non-fungible token, or NFT, depicting an incinerated painting created by renowned British street artist, Banksy, has sold for nearly $400,000.

On March 8, the token was sold on NFT marketplace OpenSea for 228.69 Ether — worth roughly $382,000 at the time of writing. The sale followed three days of bidding, with approximately 70 bidders pushing the price up from a starting price of 0.00001 ETH.

The NFT of the Banksy piece is now worth 6 figures. Less than four hours remain until the auction ends

— Burnt Banksy (@BurntBanksy) March 7, 2021

The NFT was created by “Burnt Banksy,” a group of crypto investors who purchased Banky’s painting “Morons” for roughly $100,000 in February.

Morons is a painting satirizing the art industry that depicts a bustling auction for a framed canvas donned with capitalized words reading: “I can’t believe you morons buy this shit.” On March 4, the artwork’s owners incinerated the painting on a Twitter live stream at an unknown location in Brooklyn, New York.

The Morons NFT was sold to ‘Galaxy,’ an OpenSea user who currently has four NFTs on display, including a satirical piece depicting renowned artistTitle: NFT representing incinerated Banksy painting fetches nearly $400k
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Published Date: Mon, 08 Mar 2021 02:38:09 +0000