- A famous Banksy painting will be split into 10,000 NFTs and sold
- Love is in the Air was bought at auction by Particle for $12.9 million
- Each slice will cost $1,500 but can be resold after the sale on the open market
A Banksy painting will be split into 10,000 NFTs and auctioned off in a microcosm of what the future of the nascent technology could be like. The painting, Love is in the Air (2005), was purchased at auction by the company behind the project, Particle, for $12.9 million and will now be split into 10,000 separate NFTs and sold next month. The plan will allow anyone to own a piece of a Banksy artwork and profit from any increase in value with the NFTs able to be sold on the open market after the initial sale.
Your first piece of fine art could be Banksy’s most sought after masterpiece! “Love is in the Air” unveils the absurdity of war and uneven power dynamics as well as bridging the worlds of graffiti and fine art. #banksy #ParticleNFT#banksy #loveisintheair pic.twitter.com/09scHr9FgX
— Particle Collection (@Collectparticle) December 2, 2021
A Bit of a Banksy for Only $1,500
Particle revealed on Wednesday that Love is in the Air will be its first project, with the initial offering running between January 10 and January 14, with each slice valued at about $1,500. Once the initial offering is concluded, the value of each individual NFT will be down not just to the perceived value of the painting, which Particle will retain locked safely away somewhere, but also with the amount of NFTs on sale at one time.
NFTs Making Fractionalization Easier
This extra factor of supply and demand will add an intriguing dynamic into the art market, with the perceived value of the work itself changing on a regular basis with each NFT sale. Attempts to fractionalize works of art have been attempted in the past, most notably with the Andy Warhol piece 14 Small Electric Chairs in 2018, but the invention of NFTs has made the process much easier to navigate.
