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Burned Banksy Sells For 4x the Original

www.trustnodes.com 08 March 2021 11:22, UTC
Reading time: ~1 m

A Banksy NFT minted by burning the original artwork has sold for four times the price of the original print.

The auction held on Opensea finished with a bid of Ξ230.0828 eth, worth $400,000 at the current price.

The actual print original is evaluated to be worth $100,000, meaning the owner made a 4x profit by turning this to an NFT on ethereum’s blockchain.

The purchaser is someone going by the nick of Galaxy who we couldn’t track because his new eth address seems to have been funded from an exchange.

That address itself now owns this Banksy NFT, with Galaxy insta-reauctioning it, but it’s not clear for how much it will go now.

Nor was it clear whether the NFT would go for more than the original. The high profile burning and its unique nature of being a first, has presumably given it some speculative value, but whether that can be repeated remains to be seen (although hopefully without the burning part maybe).

This act has brought NFTs to wider attention with tokenized art seemingly picking some steam, yet whether its just a temporary fad or a new way of doing things, remains to be seen.

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