Banksy NFT token burned and sold for $405,000
Another day of the week could not do without news about NFT tokens. This time, the spotlight was on street artist Banksy, whose painting, The Idiots was first burned and then sold for $405,000.
The Injective Protocol company decided to hold the original performance on March 3 - to burn Banksy's painting "The Idiots", and then immediately convert it into a non-fungible token for the purpose of further sale through online auctions specialising in this type of lot.
The painting was bought in one of the galleries in New York for $95,000. Banksy himself was not involved in the transaction, but knew that the item would be burned to create a token.
Today, the token was successfully sold to the winner of the auction on the NFT OpenSea site at a price of 228 ETH, which is equivalent to $405,000. It took the authors of the idea three days to find the lucky one. It was for such a period of time that 70 trading participants raised the price upwards from the starting price of 0.00001 ETH.
One can argue for a long time about the degree of adequacy of the authors of the idea, as many experts on the Internet do. The same experts are still debating whether something that has no physical form can be considered art.
But the fact remains. The Injective Protocol team extremely successfully coped with their task of increasing the profit from the sale by 300%, and the crypto community received another scandalous story in the piggy bank of the concept of non-fungible tokens.