- Index hide
It is estimated that by the end of 2021, the market for NFTs, exceeded 25 billion dollars.
Just over 4.95 billion people currently have access to new digital technologies.
The burned work was the piece entitled “Fantasmones sinisters” by the Mexican artist Frida Kahlo.
New technologies have the main initiative of promoting the development of humanity, this facilitating all kinds of processes, however, sometimes these can generate some adverse and even questionable aspects, such is the case of what happened with the businessman Martín Mobarak, who for launching a NFT burned a Frida Kahlo work.
Derived from the foundation of the internet, as the technology of the new normal, aspects such as social networks, cryptocurrencies and NTF’s have taken a leading role so much so that it is estimated that just over 4.95 billion Internet users are in contact with one of these digital technologies.
Within the broad panorama of new technologies, can be considered the NFT’s or non-fungible tokens, such as digital assets certified through the technology blockchain, which makes them unique and incomparable assets, which can be marketed and shared, so that within the world of art, these digital objects can even become copies of original works.
For launching an NFT collector burns Frida Kahlo’s work
In accordance with DappRadar, It is estimated that the market value of NTS’salready exceeds 25 billion dollars, little more than five hundred and three million, eight hundred and sixty-one thousand and fifty Mexican pesos, so that by the end of 2021, considerable growth is expected within this market by the end of 2023.
However, this technology has left various bittersweet flavors, due to the intention of some dealers and collectors, who have sought to win unique pieces with controversial acts, such is the case of what happened with the businessman Martin Mobarak, who burned the work “Sinister Ghosts” of the Mexican artist Frida Kahloonly to be able to record the act and transform it as a NFT.
On the burning of Frida Kahlo’s Sinister Ghosts to make them NFTs pic.twitter.com/c1MnnaqiR4
— Commented Works of Art (@obrasdeartecom) September 30, 2022
Given what happened, the Ministry of Culture released a statement referring to the act carried out by the businessman and the destruction of cultural material, despite the fact that it is, assured that the profits would go to the Palace of Fine Arts, the Frida Kahlo Museum, as well as the National School of Plastic Arts of CDMX, the Children’s Craniofacial Association, the Association for children with autism, and the Origen Foundation, the National Institute of Fine Arts and Literature (Inbal) issued a statement denying the donations and taking a position on the destruction of the painting.
Positioning on destruction of work of #Frida Kahlo
🔹 The National Institute of Fine Arts and Literature denies donations to the Palace of Fine Arts
🔹 In Mexico the deliberate destruction of an artistic monument constitutes a crime
🔗 https://t.co/3INjA64485 pic.twitter.com/jo0nVgPI72
– Ministry of Culture (@cultura_mx) September 27, 2022
However, this is not the only time that someone has been involved in controversy for trying to market an NFT, since in recent months, the owner of a digital work titled “Bored Ape #3,547” was wrong to offer the piece and “ate” double digits, changing the price from 3 thousand dollars to only 300.
Bored Ape Non-Fungible Token (NFT) No. 3,547, which is part of the Bored Ape Yacht Club (BAYC) collection, was sold on Saturday for 0.75 ethers or $3,066.
However, the price of the piece should have been 100 times higher, the user who made the transaction told the portal. pic.twitter.com/P3bJLFCjht— CRYPTO BEAST (@MagnificaBestia) December 15, 2021
However, this is not the only time that someone has been involved in controversy for trying to market an NFT, since in recent months, the owner of a digital work titled “Bored Ape #3,547” was wrong to offer the piece and “ate” double digits, changing the price from 3 thousand dollars to only 300.