Street art artist Banksy will be sold as an NFT. He was previously thought to have been lost
In 2010, street art by famous street artist Banksy was discovered on San Francisco’s Pier 39. It showed a painted rat climbing out of a tunnel with a shovel, with the drawing found on a metal door near the Alcatraz Boat Tour station. However, the San Francisco Department of Public Works had painted over the door, leading everyone to believe that Banksy’s piece of street art had been destroyed. Eleven years later, the piece was found by a Banksy fan, who sent it to specialised restoration centres. Now it is being sold as NFT artwork and its value is estimated at more than 700 thousand dollars. We tell you more about the situation.
As a reminder, this is not the first time Banksy’s name has been associated with unique tokens. In particular, Banksy’s debut NFT token called “Morons” was sold on OpenSea last March for 228 ETH or the equivalent of $380,000 by a group of enthusiasts called Burnt Banksy. The art object has an interesting history of its own. Its original owners first purchased the painting itself and then burned it, capturing the process as a video and creating a unique token based on it.
Consequently, the work became unique in part because the painting itself no longer exists. Only memories of it remain. Here’s a recording of the burning.
We checked the current data: the NFT token industry continues to be popular. In particular, trading volumes for these coins on a weekly scale are not too far from their highs. This is what the graph of the index looks like in 2021.
Trading volumes of NFT-tokens by week in 2021
It is important to note that in recent months, most of the volume has been absorbed by gaming NFT tokens rather than collectible tokens. Accordingly, the idea of introducing them into various games is looking successful so far.
The global popularity of the NFT search on Google has reached another all-time high.
Popularity of the NFT query on Google
Accordingly, a new auction with the work of such a popular artist is also sure to be a success.
Famous works on blockchain
According to CryptoSlate, the launch of the NFT auction campaign took place today. The auction will send both the art itself in the form of a physical object and a unique token to prove its authenticity. The auction is expected to last just 24 hours.
The very original work on the pier door
A second auction will be held tomorrow, in which 333 NFT pieces of the art object will be sold. If the first token gives the buyer full ownership of the artwork, these 333 tokens will give admission to Banksy’s Wharf Rat DAO, the decentralised autonomous organisation around the artwork. Each of the 333 tokens will be sold for 0.33 ETH.
Decentralised autonomous organisations are usually made up of community members who hold the respective tokens. They choose the direction of the project and its further improvement. This is usually done by voting.
On the third and final auction day, buyers will be able to purchase NFT souvenirs of Banksy’s Wharf Rat. Each such “virtual souvenir” will cost 0.033 ETH, which is about $126 at today’s exchange rate. Owners of the NFT merchandise will also become exclusive members of their club, get access to the Banksy DAO Discord and more.
Another famous Banksy street art
We believe this initiative will be another success for the NFT token niche and cryptocurrencies in general. However, right now the coins are in a prolonged correction stage, so the industry could certainly use some extra positivity. In addition, we want to believe that more conservative collectors will take a fresh look at what is happening in blockchain.
Look for even more interesting things in our millionaires’ crypto-chat. There, let’s talk about some of the other most popular NFT tokens from the blockchain industry.
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