Burnt Banksy: All You Need to Know About NFTs and Why Some 'Morons' Torched an Artwork
3 years, 9 months ago

Burnt Banksy: All You Need to Know About NFTs and Why Some 'Morons' Torched an Artwork

News 18  

Ever heard of an artwork whose value increased after it complete destruction? The digitized artwork, created from the original 2006 Banksy artwork ‘Morons’, is an NFT – a Non-fungible token. The phenomenon recently became a rage after an anonymous group of crypto enthusiasts burnt down an original Banksy, valued at $95,000 when purchased, and instead of creating an NFT to represent the artwork. The artwork ‘Morons’ was created by Banksy in 2006 in response to the exorbitantly high price a painting titled ‘Sunflowers’ by Vincent Van Gogh fetched in 1987. Musician and Tesla CEO Elon Musk’s girlfriend Grimes’ art collection titled ‘WarNymph’ was released on February 28, and sold for $5.8 million as NFT.

Art World Physical Piece Nft Artwork Nfts Banksy  artwork  world  art  know  banksy  physical  morons  group  nft  piece  need  torched  digital  nfts  burnt  value

History of this topic

Top-end art and luxury zoom while crypto bros dump NFTs
1 year, 8 months ago

Top-end art and luxury zoom while crypto bros dump NFTs

Live Mint  

The rich are living in a different economic world right now. Global art sales rose to $67.8 billion in 2022, according to art economist Clare McAndrew’s latest state-of-the-industry report for Art Basel and UBS Group. The British art market hasn’t quite recovered to pre-pandemic levels, but it is still attracting international buyers post-Brexit. With crypto bros spending their gains on …

NFTs now look headed the crypto way
2 years ago

NFTs now look headed the crypto way

Live Mint  

Non-fungible tokens have been all the rage. As with most things tech-oriented, many people bandy about new terms like ‘NFT’ without understanding how the technology works or what it is designed to do. Court cases and government actions over Napster’s software that allowed peer-to-peer sharing of song files forced that company to shut down in 2001, after a clumsy system …

NFTs In Web3: What A Decentralised Future Holds For Gaming, Art, More
2 years, 3 months ago

NFTs In Web3: What A Decentralised Future Holds For Gaming, Art, More

ABP News  

New-age technologies that are witnessed today are transforming the world in several domains. With the digital transformation of the internet, Web3 is going to bring a steady state of data ownership for the common people and there will be several marketplaces where artists could present their NFTs. As the internet will be decentralised at several levels, the owners won’t have …

When technology marries creativity
2 years, 4 months ago

When technology marries creativity

Deccan Chronicle  

“When bankers gather for dinner, they discuss art. NFTs on art works are the equivalent of attestation – they are digital certificates from the artist saying, ‘This work has been created by me and accompanies the artwork.’ Artists who want to sell their work as NFTs must first register with a marketplace before “minting” digital tokens by uploading and validating …

Art Basel takes a futuristic turn as sculptures head to the moon
2 years, 6 months ago

Art Basel takes a futuristic turn as sculptures head to the moon

Live Mint  

Art Basel, the world's leading contemporary art fair, has taken a futuristic turn this year, offering buyers the chance to see their sculptures placed on the moon. "We're Elsewhere at Art Basel, Turkish artist Ozgur Kar's LCD display of a man surrounded by skeletons is being sold by the French gallery Edouard Montassut. The Vive Arts platform, meanwhile, dives into …

Should Creators Consider Selling Their Art Online As NFTs?
2 years, 6 months ago

Should Creators Consider Selling Their Art Online As NFTs?

ABP News  

Non-fungible tokens, or NFTs, have been taking the world by storm, offering creators a unique and arguably better way to monetise their work. That can be an NFT that you can sell.” He added, “Now, suppose you create another drawing of an apple that looks similar but has an additional leaf at the top, then that would become another NFT.” …

Art frauds on the rise on NFT platforms
2 years, 10 months ago

Art frauds on the rise on NFT platforms

Live Mint  

Prasad Bhat, a Bengaluru-based caricature artist who frequently lists his artwork as non-fungible tokens, is unable to hide his distress. To encourage more artists to mint NFTs, OpenSea has a tool called Lazy Minting, which doesn't require them to pay a gas fee--a one-time fee charged for creating NFT on a blockchain. According to Huzefa Motiwala, director, systems engineering, India …

NFTs to offline shows: How 2021 marked a turning point for India’s post-COVID art world
2 years, 11 months ago

NFTs to offline shows: How 2021 marked a turning point for India’s post-COVID art world

The Hindu  

“The pandemic has been very productive for the reinvention of the art space,” says Myna Mukherjee, co-curator of Hub India: Maximum Minimum, a show that presented over 300 works of Indian gallerists, institutions and contemporary artists at Artissima 2021 in Turin, Italy, in November. “This is true for the domestic art market too.” India can look forward to the country’s …

World's first SMS sold as non-fungible token for over $120,000
3 years ago

World's first SMS sold as non-fungible token for over $120,000

ABC  

The first text message ever sent, which simply reads "Merry Christmas", has been sold for 107,000 euros as a non-fungible token at a Paris auction house. Key points: Vodafone engineer Neil Papworth sent the SMS from his computer It was recieved by a manager in the United Kingdom on an Orbitel telephone The SMS was sold as an NFT The …

What is an NFT and how does it work? The ‘bitcoin for art’ explained
3 years ago

What is an NFT and how does it work? The ‘bitcoin for art’ explained

The Independent  

Sign up to our free weekly IndyTech newsletter delivered straight to your inbox Sign up to our free IndyTech newsletter Sign up to our free IndyTech newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Chris Torres, the artist who first created Nyan Cat, recently ‘minted’ a new GIF of the famous …

The Times podcast: Are NFTs worth your money?
3 years, 2 months ago

The Times podcast: Are NFTs worth your money?

LA Times  

An NFT titled “SHIFT//” by Mad Dog Jones is displayed in June during a preview of an NFT sale at Sotheby’s in New York City. Today, L.A. Times business reporter Sam Dean gives us a crash course in what exactly NFTs are and how to think about whether they’re worth your money. And a pair of NFT collectors tell us …

NFTs supplant Rolexes and Lambos as the new digital savvy flex
3 years, 3 months ago

NFTs supplant Rolexes and Lambos as the new digital savvy flex

LA Times  

People look at an NFT by Ryoji Ikeda titled “A Single Number That Has 10,000,086 Digits” at Sotheby’s during a pre-auction viewing. “What is happening right now is the equivalent of me hearing that a major contemporary painter has sold something for millions of dollars and I, someone with no art skill or experience, say, ‘Well I guess I better …

What is NFT and Why it is Gaining Popularity
3 years, 4 months ago

What is NFT and Why it is Gaining Popularity

News 18  

In present times, there are plenty of cryptocurrencies like Bitcoin, Ethereum etc. In the digital world, NFTs are known for their quality of “one-of-a-kind” assets. The digital objects available on the internet like images, videos, music, text and even tweets, can be turned into an NFT through a unique process. They do it by creating a unique digital certificate and …

NFT | ART: Expanding the definition of ‘artist’
3 years, 5 months ago

NFT | ART: Expanding the definition of ‘artist’

The Hindu  

D elhi-based sculptor and artist Shovin Bhattacharjee, 45, has been creating digital art since 2002. Among the first Indians to list his work as an NFT, he says, “I have always faced the challenge of limited buyers because the notion still persists that digital art is not authentic art”. And as concerns about duplication and authenticity of digital art get …

Is NFT the disruptor that digital art needs?
3 years, 5 months ago

Is NFT the disruptor that digital art needs?

Live Mint  

On 11 March, a work of art was auctioned for more than $69 million —and the furore it created wasn’t just due to the price tag. ‘The Arrival’, a work by Vimal Chandran It’s a new world, with a different currency, new terms, new collectors, new issues to address—even a new definition of the “artist”. According to the Christie’s spokesperson, …

Explainer: As international market for it booms, what determines the price of an NFT artwork?
3 years, 6 months ago

Explainer: As international market for it booms, what determines the price of an NFT artwork?

Firstpost  

This July, the Prinseps auction house in Mumbai is set to open their new season with an offering of non-fungible tokens artworks by the Bengali modernist Gobardhan Ash and Oscar-winning costume designer Bhanu Athaiya’s fashion sketches. The move piggybacks on an international boom in the NFT art market, which broke into the mainstream when a digital art piece by Beeple …

Sotheby’s introduces cryptocurrency sales with a famous Banksy work
3 years, 7 months ago

Sotheby’s introduces cryptocurrency sales with a famous Banksy work

CNN  

CNN — Sotheby’s has become the first major auction house to introduce cryptocurrencies as a payment method for physical artworks, following its prior sales with digital NFT art last month. “Love is in the Air”, one of street artist Banksy’s most recognizable works, is the first piece that Sotheby’s will make eligible for purchase via either Bitcoin or Ether. The …

Keen on the NFT art drops? It’s all about strategy, buyer knowledge and timing
3 years, 7 months ago

Keen on the NFT art drops? It’s all about strategy, buyer knowledge and timing

The Hindu  

“Let’s be honest, the NFT art world would not be having the trajectory it is, if Metakovan and Twobadour did not spend close to $70 million worth of crypto on Beeple’s Everydays: The First 5000 Days,” says Amrita Sethi, “That figure alone is enough for artists to start delving into the virtual NFT art space.” Amrita, having been a banker …

Sotheby’s CEO explains why NFTs are the future
3 years, 8 months ago

Sotheby’s CEO explains why NFTs are the future

CNN  

New York CNN Business — Despite what Pete Davidson’s rap spoof suggests, NFT isn’t just for crazy kids with cash to burn. The market for the unique digital collectibles remains volatile, but Sotheby’s has given the NFT space legitimacy. Stewart: NFTs really burst on to the mainstream consciousness over the last few months and i think there’s a lot of …

Will NFT trend in art prove to be next frontier in trading, or merely a new form of 'tulip mania'?
3 years, 8 months ago

Will NFT trend in art prove to be next frontier in trading, or merely a new form of 'tulip mania'?

Firstpost  

Since the 17th century, tulip mania has become a byword for the irrationality of financial bubbles. Last week, Nifty Gateway, a specialist online marketplace for nonfungible tokens, or NFTs, held an auction that included a computer-generated illustration by digital artist Mike Winkelmann, known as Beeple, whose JPG collage “Everydays — The First 5000 Days,” was sold online by Christie’s earlier …

NFTs are suddenly everywhere, but they have some big problems
3 years, 8 months ago

NFTs are suddenly everywhere, but they have some big problems

CNN  

CNN Business — For several weeks, it’s been near impossible to exist on the internet without at least hearing a mention of NFTs. “The system will not work if simply the first person to mint an NFT for a digital asset gets acknowledged on the blockchain as its owner,” said Neil Daswani, co-director of Stanford University’s Advanced Security Certification Program. …

Artist Beeple on selling NFT collage for a record $70M: 'People are trying to look for some scam; I don't see it'
3 years, 8 months ago

Artist Beeple on selling NFT collage for a record $70M: 'People are trying to look for some scam; I don't see it'

Firstpost  

Beeple, whose real name is Mike Winkelmann, spoke with AP about his auction result, NFTs and how the crypto art boom is affecting him and other artists who haven’t previously had a way to guarantee exclusive ownership of digital works, which by their nature can normally be freely copied. The Associated Press caught up with Beeple, whose real name is …

What is an NFT, and why does John Cleese want to sell you his for $69.3 million?
3 years, 8 months ago

What is an NFT, and why does John Cleese want to sell you his for $69.3 million?

Salon  

"Monty Python" actor John Cleese wants to sell you the Brooklyn Bridge. That's because an NFT is like a virtual trading card that comes "tagged" with digital proof of authorship and ownership. "Domain names, event tickets, in-game items, even handles on social networks like Twitter or Facebook, are all non-fungible digital assets," Devin Finzer, CEO of the NFT marketplace Open …

NFTs are Confusing Everyone, But the Newest Internet Token is Raking in the Memes
3 years, 9 months ago

NFTs are Confusing Everyone, But the Newest Internet Token is Raking in the Memes

News 18  

What is an NFT? The first NFT album was ‘Kings of Leon’s ‘When You See Yourself.’ After art and auction houses, news organizations and galleries So what really, really is an NFT? James Murphy, CEO of Future Fallout, writes that ‘just like a concert ticket symbolises the ownership of the space of a seat in the concert arena, and a …

'Big Short' investor Michael Burry shares quote slamming NFTs as 'magic beans' sold by 'crypto grifters'
3 years, 9 months ago

'Big Short' investor Michael Burry shares quote slamming NFTs as 'magic beans' sold by 'crypto grifters'

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. He recently changed his Twitter banner …

We bought an NFT. Here’s what we learned
3 years, 9 months ago

We bought an NFT. Here’s what we learned

CNN  

San Francisco CNN Business — As headlines about people bidding eye-watering sums on GIFs of Pop Tart cats, the first-ever tweet, a Kings of Leon album and other NFTs piled up over the last several weeks, the CNN Business team decided the best way to understand the craze would be to buy one ourselves. The perfect piece of digital art …

The Digital NFT Art Craze That's Earning Some Creators Millions
3 years, 9 months ago

The Digital NFT Art Craze That's Earning Some Creators Millions

Huff Post  

LOADING ERROR LOADING LONDON — A digital art piece, tweaked using cryptocurrency technology to make it one-of-a-kind, sold at auction this week for nearly $70 million. Why don’t we have property rights in the digital world?” Some NFT issuers give full copyrights to the buyer, though others do not. In December, the first extensive auction of his art brought in …

Buyer behind $69m record-breaking art sale revealed
3 years, 9 months ago

Buyer behind $69m record-breaking art sale revealed

CNN  

CNN — The buyer of a digital artwork sold for $69 million was named as a crypto asset investor known by the pseudonym “Metakovan,” auction house Christie’s confirmed on Friday. Chinese cryptocurrency creator Justin Sun revealed on Twitter that he was outbid on the artwork, having put down a final effective bid of $60 million, only to be “outbid by …

As Beeple's digital art piece sells for $70 million, understanding the craze behind NFTs
3 years, 9 months ago

As Beeple's digital art piece sells for $70 million, understanding the craze behind NFTs

Firstpost  

London: A digital art piece, tweaked using cryptocurrency technology to make it one-of-a-kind, sold at auction this week for nearly $70 million. In December, the first extensive auction of his art brought in $3.5 million, an eye-catching amount that was surpassed by this week’s record-shattering sale of his collage Everydays: The First 5,000 Days for nearly $70 million, paid in …

NFTs are setting the creative world alight. Are they also bad for the planet?
3 years, 9 months ago

NFTs are setting the creative world alight. Are they also bad for the planet?

ABC  

By this point, you've probably heard about NFTs — even if you still don't really understand them. But adding data to the blockchain — a process of running software that people call "mining" — requires a large amount of computing power. A Turkish digital artist with a PhD in artificial intelligence, he said that while not as bad as the …

Decoding the boom in visual art and NFTs
3 years, 9 months ago

Decoding the boom in visual art and NFTs

Hindustan Times  

On March 11, Christie’s auctioned a JPG file for $69 million, catapulting its creator – digital artist Mike Winkelmann, who goes by the name of Beeple, to instant worldwide fame. The auction house said in a tweet that the first purely digital artwork’s auction places Beeple among the top three most valuable living artists. This digital collage, titled Everydays: The …

Digital artist Beeple $US70m richer as NFT piece becomes first sold by major auction house
3 years, 9 months ago

Digital artist Beeple $US70m richer as NFT piece becomes first sold by major auction house

ABC  

An artist has netted $US70 million from the landmark sale of a digital artwork that does not exist in physical form. Key points: Mike Winkelmann, known as Beeple, has become one of the world's most profitable artists The artwork is in the form of a Non-Fungible Token, which is authenticated by a blockchain This piece of art is the first …

Christie’s Beeple NFT auction: All your questions about the $69 million sale, answered.
54 years, 11 months ago

Christie’s Beeple NFT auction: All your questions about the $69 million sale, answered.

Slate  

Exactly what just sold for $69,346,250 at Christie’s? “People kept hitting me up, saying, ‘Oh, you should check out this NFT thing,’ ” he told the Art Newspaper. Here’s the case Beeple makes: “The NFTs were designed in a way that makes them immediately distinguishable from Instagram and immediately distinguishable as a collectible,” he told Decrypt. At any rate, Christie’s …

$69 million for digital art? The NFT craze explained
3 years, 9 months ago

$69 million for digital art? The NFT craze explained

LA Times  

Before there was Beeple, there was William Shatner. Known as NFTs, such tokens have taken off in recent weeks in what’s either an ecologically destructive speculative bubble or a promising new funding model for art and media, depending on whom you ask. The NFT file doesn’t contain the digital piece of art, or the video clip, or the Shatner card …

How NFTs are fueling a digital art boom
3 years, 9 months ago

How NFTs are fueling a digital art boom

CNN  

Editor’s Note: This article was updated following the auction of Beeple’s “Everydays: The First 5000 days,” which sold for $69.3 million. But until now, people hadn’t figured out a good way to collect digital art – and NFTs allow you to do that,” Cock Foster said on a video call, adding that buying tokens is easier and “a lot more …

The tricky world of NFT art: Why a blockchain company burnt and completely digitised a Banksy piece
3 years, 9 months ago

The tricky world of NFT art: Why a blockchain company burnt and completely digitised a Banksy piece

Firstpost  

The company behind the stunt, called Injective Protocol, bought the screen print from a New York gallery. Understanding the answer requires us to delve into the tricky world of blockchain or “NFT” art. They argue if we have a piece of art and an NFT, then most people will consider the former the “real” art. To invert this they’ve decided …

Banksy Artwork Burnt and Turned into Digital Token by Crypto Fans Fetches Rs 2.8 Crore in NFT Auction
3 years, 9 months ago

Banksy Artwork Burnt and Turned into Digital Token by Crypto Fans Fetches Rs 2.8 Crore in NFT Auction

News 18  

In some bizarre news, an original Banksy artwork titled ‘moron’ was burnt by a group of anonymous and self-proclaimed cryptocurrency enthusiasts. The group first used blockchain to turn the artwork into a ‘non-fungible token’ – a digital token that represents the original artwork. The 2006 artwork titled ‘Morons’ was created by Banksy in response to the exorbitantly high price a …

NFTs Are Hot. So Is Their Effect on the Earth’s Climate
3 years, 9 months ago

NFTs Are Hot. So Is Their Effect on the Earth’s Climate

Wired  

Two years ago, Joanie Lemercier, a French artist known for his perception-bending light sculptures, took on a new role as a climate activist. The culprit was Lemercier’s first blockchain “drop.” The event involved the sale of six so-called nonfungible tokens, or NFTs, which took the form of short videos inspired by the concept of platonic solids. But with an NFT, …

NFTs Are a Collective Hallucination—So What?
3 years, 9 months ago

NFTs Are a Collective Hallucination—So What?

Wired  

Have you had a shot yet? Eventually, the winner paid $3,666,666 in US dollars for what 3Lau called “the first tokenized album.” Bidder 65 now has unique access to the song, which others one day might hear for free. Currently, Christie’s is auctioning digital work by the artist Beeple, whose pieces look like Lucien Freud designing for Pokémon. That was …

What the Heck Are NFTs, and Why Are Grimes, Lindsay Lohan, and the Guy Who Made Nyan Cat Selling Them?
54 years, 11 months ago

What the Heck Are NFTs, and Why Are Grimes, Lindsay Lohan, and the Guy Who Made Nyan Cat Selling Them?

Slate  

You know Nyan Cat? Take the art that Grimes sold: The digital images and short videos she put up for sale—and which went for prices as high as $389,000—are freely available on the web, so you don’t really have to “own” anything to view and appreciate the art, nor did buying one get you something like a canvas or other …

Bids for first ever digital-only artwork at Christie’s hit $3m
3 years, 9 months ago

Bids for first ever digital-only artwork at Christie’s hit $3m

The Telegraph  

Christie's foray into the world of digital art arrives as the format sees a rapid rise in popularity, with buyers paying huge sums for artworks known as non-fungible tokens. Even though, the artist Beeple, real name Mike Winkelmann, only began making NFTs in October 2020, he has since become synonymous with this new genre of crypto art. The NFT he …

NFTs Boom as Collectors Shell Out to ‘Own’ Digital Art
3 years, 9 months ago

NFTs Boom as Collectors Shell Out to ‘Own’ Digital Art

Wired  

It started with CryptoKitties. Each image was associated with a unique string of digits—a cryptocurrency “non-fungible token,” or NFT—that could be traded on the Ethereum blockchain platform as a title deed granting the holder ownership of a particular kitty. Its end point is an auction that started on Thursday, in which a token associated with a digital collage of 5,000 …

In a first, Christie’s to sell Beeple's digital artwork and accept payment in cryptocurrency
3 years, 9 months ago

In a first, Christie’s to sell Beeple's digital artwork and accept payment in cryptocurrency

Firstpost  

By Josie Thaddeus-Johns Mike Winkelmann never used to call himself an artist. On Thursday, a two-week-long online auction of a composite of the first 5,000 days of the project will begin at Christie’s, which says it’s the auction house’s first sale of a solely digital artwork. Likewise, someone could easily make a digital copy of Beeple’s Everydays — The First …

Remember Nyan Cat? A Rare Digital Gif Version of It Just Sold For $500,000
3 years, 10 months ago

Remember Nyan Cat? A Rare Digital Gif Version of It Just Sold For $500,000

News 18  

Who would have thought that an animated flying cat leaving a rainbow trail would become the next big thing at auction? The creator of the “Nyan Cat” recently offered a one-of-a-kind version of his viral GIF on Foundation, a website for buying and selling digital goods. Digital art enthusiasts and cat lovers engaged in a bidding war which ended when …

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