Morons, now a token work of art by legendary street artist Banksy, sold for more than $ 394,000 at the NFT in the Open Sea.
What happened: The piece – burned by an unnamed group of cryptocurrency enthusiasts last week – was sold at auction for 228.69 ethers (CRYPTO: ETH), which was trading at $ 1724 at the time of the press.
Injection protocol (CRYPTO: INJ) is the company behind the purchase. Mirza Uddin, a spokeswoman for Injective Protocol, said the group had yet to decide which charity would receive the proceeds from the tender for irreplaceable symbols per piece, but said it would focus on COVID-1
“Our goal is to connect the world of traditional art with the world of NFT. So we will definitely do more to maintain that spirit, “Udin said.
Why it is important: Udin said another event with a famous artist is already in the planning stages, according to CoinDesk.
The group that burned the Banksy piece said that “as long as the physical piece exists, the value of that piece will remain in the physical one.”
The supposed purpose of the burn was to remember the art of NFT forever. The original piece was purchased for $ 100,000.
Recently, NFT has attracted attention with Grimes, a partner of Tesla Inc. (NASDAQ: TSLA) CEO Elon Musk sells NFT digital works for more than $ 6 million. Others who have made similar moves are Beeple and Lindsay Lohan.
Litecoin (CRYPTO: LTC) creator Charlie Lee warned against the madness surrounding NFT last week and said that NFT is not a work of art.
Price action: The cryptocurrency at the top Bitcoin (CRYPTO: BTC) was trading 1.23% higher at $ 50,355.90 in the press.
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