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“Morons”, a work now symbolized by legendary street artist Banksy, sold for over $ 394,000 on the Open Sea NFT marketplace.
What happened: The coin – burnt by an anonymous group of cryptocurrency enthusiasts last week – was auctioned for 228.69. ethers (CRYPTO: ETH), which at press time was trading at $ 1,724.
Injective protocol (CRYPTO: INJ) would be the company behind the purchase. Mirza Uddin, spokesperson for Injective Protocol, said the group had not yet decided which charity would receive the proceeds from the coin’s non-fungible token auction, but said it would be focused on COVID-19, CoinDesk reported.
“Our goal is to bring the world of traditional art closer to the world of NFT. So we will definitely do more to maintain this philosophy, ”Uddin said.
Why is this important: Uddin said another event with a prominent artist is already in the planning stages, according to CoinDesk.
The group that burned the Banksy coin claimed that “as long as the physical coin exists, the value of that coin will stay with the physical coin.”
The supposed purpose of the fire was to forever commemorate the art in NFT. The original piece was purchased for $ 100,000.
NFTs have been gaining attention lately with Grimes, partner of Tesla Inc (NASDAQ: TSLA) CEO Elon Musk, selling NFT digital artwork for over $ 6 million. Others who have made similar moves include Beeple and Lindsay Lohan.
Litecoin (CRYPTO: LTC) creator Charlie Lee warned of the frenzy surrounding NFTs last week and said NFT is not a work of art.
Price action: The apex cryptocurrency Bitcoin (CRYPTO: BTC) was up 1.23% to $ 50,355.90 at the time of publication.
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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