What is an NFT – and how torching a $95,000 Banksy print sent its value up 300%
Work by street artist sold for more than four-times gallery price after being incinerated
Three years after the artist rigged up a painting to self-shred itself as it was being auctioned, a group of cryptocurrency enthusiasts have gone a step further.
A 2006 print by the artist – number 325 of an edition of 500 – was bought from a New York gallery in January by a group known as Injective Protocol for $95,000.
It was scanned and transformed into a unique digital asset known as a non-fungible token (NFT) which was uploaded and stored in the digital ether of blockchain. The physical print was then slowly torched on camera in a Brooklyn park.