NFT: Non Fungible Token and Banksy’s Case

What are NFTs?

An acronym for Non Fungible Tolken, they are digital authenticity certificates derived from the blockchain.

Blockchain technology is a subject that has been much discussed in recent years. It is a blockchain (hence the name, blockchain), thanks to which the presence of notaries, banks and financial institutions can be dispensed with during transactions.

It is called the technology of (lack of) trust because the moment you buy or make a transaction in blockchain, it is recorded in a wallet and cannot change. Therefore, trust in these technologies based on a distributed ledger increases.

Non-Fungible Tokens are transferable, but not interchangeable.

In 2020 alone, the NFT market moved $339 million!

Positive aspects

The development of these new technologies has had and will have an impact on the economic dimension, especially as regards the democratisation of art and free access to works.

We always complain that art can be so far removed from our world, museums bore us and exhibitions are crowded.

During the pandemic, the desire to rediscover the beauty of our country has also grown thanks to the dissemination of artworks digitally, via NFT.

The art market itself has never been closer, just a click away thanks to Non Fungible Tokens.

What’s the catch?

On the other hand, we have to ask ourselves: who owns the copyright of the artwork we are buying in NFT?

Is the real author aware of the transition of his work into digital form?

Furthermore, what future will the artwork have if digital art continues to develop like wildfire?

So many open questions that we will have to start answering.

Banksy’s Case

After discovering that his painting had been reproduced in NFT, the faceless artist Banksy decided to burn the original. How much of an impact has his choice had on the digital market?

According to the data, not very much, because the work of art, bought for $95,000, was resold for a good 382,000 in cryptocurrency. An entirely digital value!

Ironically, the protagonist in the artist’s painting was lighting his cigar with a $100 note.

Banksy’s gesture of rebellion and importance did not have the desired results.

Unfortunately, the artist suffered another blow a few days ago. when it was announced that another of his works of art, Spike, was to be auctioned off in an NFT version! The startup Valuart, with co-founder Vittorio Grigolo to whom the artwork belongs, will auction off the stone removed by Banksy from the Israeli barrier.

What do you think? Was Bansky right to burn the original of his work? What do you think of this new technology that is being developed?

Dajana Mrruku

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