This billionaire destroys a Frida Khalo work to grow its equivalent NFT on the market.
The market of non-fungible token, better known as NFT, does not stop bringing us surprises. A little over a year ago, the already classic images of monkeys of all colors, clothing and artistic representations began to become popular. The NFT fever began when a single image was able to double the price in just minutes. The market for the sale of these assets began to grow until, in November of last year, the bubble burst. What has happened since then?
The practical applications of NFTs have not grown much, although their potential remains latent. Still, adoption has been democratized by there may be more platforms that are compatible with your trade. Now, after months of deep decline in the industry related to the blockchain, it has been possible to know a story that should make us think. Can NFT technology end mainstream art as we know it? Millionaire Martin Mobarak believes so after burning a real work by Mexican artist Frida Khalo.
What was his goal? Popularize an NFT that came to represent the digital copy of the work. In this way, those who do not agree with the speculation surrounding the sector could not take refuge in the fact that the original was still in tangible format. This, of course, has generated a controversy that has crossed borders. We are talking about a work with a market value of around 10 million dollars.
Frida Khalo stirring in her grave after the burning of a painting by a millionaire
Martin Mobarak, CEO of Frida&nft, believed that the artistic disappearance on paper would make the NFT copy he had prepared even more special. To do this, he summoned photographers and the media and organized a ceremony for it. In an event held in a private venue, he undertook the plan that, to tell the truth, hurts. Even so, here are the images that demonstrate how the burning of the historic work of the Mexican artist was carried out. All this with the simple goal of digitizing forever an actual work.
Recently in Miami, Martín Mobarack burned a painting by the artist Frida Kahlo to make 10,000 NFT’s, from ARTE CAPITAL we disapprove and we put ourselves to this type of attacks on the artistic heritage of Mexico. #BurningFrida #contemporary art #artisticheritage #Frida Kahlo pic.twitter.com/mUWpA4hbs1
– Capital Art (@Arte_Capital) September 21, 2022
What would Frida Khalo think if she could contemplate these images? As it has been known, a total of 10,000 unique digital copies have been created, which have begun to be exchanged in the market. The main objective of this collection is to donate part of the profits to charity. More concretely, Up to 30% of the proceeds will be donated for social purposes.
According to the information available, each of the NFTs has a price of 3 units of Ethereum (ETH), so the collection, depending on the price at press time, could be close to 40 million dollars. It is, without a doubt, a business model that will become popular if it is successful enough.
Because the little experience that there is regarding the culture of NFTs and this type of policy, many countries are not prepared for the establishment of sanctions. Ultimately, these types of works can become part of the historical heritage of a country, so action could be taken in the future. Be that as it may, there is a much more interesting mechanism for obtaining funds than the destruction of original works with the aim of popularizing their digital equivalents.