Entertainment The success of NFT is at the expense of actual works of art?

18:05  28 april  2021
18:05  28 april  2021 Source:   ouest-france.fr

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© Courtesy of DaystromNFT | OpenSea "Free Comb With Pagoda" by Jean-Michel Basquiat is sold in the form of an NFT on the OpenSea platform.

If you thought you had seen everything in NFT, think again. While the market for these non-fungible tokens is booming, some now propose to destroy artwork in order to "reincarnate" online in the form of NFT. A phenomenon that opens up new perspectives for digital artists.

The DAYSTROM collective enters the market of non-fungible tokens by proposing "Free Comb with Pagoda" by Jean-Michel Basquiat in the form of NFT. This mixed paper on paper of 1986 is on sale on the Specialized Platform OpenSea, where the auctions begin to a ether (about 2,200 euros). She had already appeared on the market in 2012 at Heritage Auctions, who had estimated him between 80,000 and 120,000 dollars (between 66,000 and 99,000 euros).

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If "Free Comb with Pagoda" had not found takers at that time, Daystrom had a wacky idea to climb the auctions on OpenSea. The group of "Digital Provocateurs" anonymous offers the possibility for the future acquirer of the NFT of "deconstruct" the original drawing at the end of the sale, allowing him to become the owner of "the only remaining form" of the work Basquiat.

According to Daystrom, this controversial initiative is only a reflection of the obsession of the art market for the notion of certified authenticity. "The value has become more and more fungible, diluted and unstable in our constantly changing virtual world and there is a huge need for exclusivity from users. NFTs offer this exclusivity and create an online value system Further new that was so far unimaginable, "explains the collective in a statement.

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Reborn from its ashes

The group also argues that the future purchaser of the NFT will receive "all intellectual property rights and associated perpetuity" at "Free Comb with Pagoda". A surprising affirmation knowing that the legal issues associated with non-fungible tokens, particularly regarding copyright, are still debated in the artistic community. These questions had already been raised in March when the Burntbanksy collective had burned Banksy's authentic "Morons (White)" draw to reborn as a digital version associated with an NFT.


- Burnt Banksy (@burntbanksy)

March 3, 2021

"Art will now live as NFT," said Twitter the BurntBanksy collective, which had been created for The opportunity by the Protocol Injective Company. The digital "reincarnation" of "Morons (White)" was then proposed for sale on OpenSea, where it had reached 228.69 ETHERS (more than 500,000 euros). Four times the price at which engraving had been purchased at the TgliaLatella Gallery. "The goal is here to inspire. We want to inspire technology enthusiasts and artists. We want to explore a new way of artistic expression," said Mirza Uddin, the president of Injective Protocol. It remains to be seen whether the future owner of the NFT of "Free Comb with Pagoda" will also choose to destroy the original drawing of basquiat.

Caroline Drzewinski

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This is interesting!