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Financial Traders Burned a $95k Original Print
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A group of tech and art enthusiasts backed by the finance group Injective Protocol bought an original Banksy screen print for $95,000. The 2006 print, entitled "Morons" depicts a scene from an auction room where a crowd bids on a gold-framed art piece that says, “I can’t believe you morons buy this shit.” In a live broadcast, the group destroyed the print after turning it into a “non-fungible token,” or NFT. An NFT is a digital asset that uses smart contracts and blockchain technology to make the object unique and unchangable. It's somewhat of a recent craze in both cryptocurrency, and the art world.
The news was met with fascination, anger, and confusion.
Misbar’s Analysis
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