Banksy: One of His Most Famous Paintings to Be Sold As 10,000 NFTs
Here’s your chance to own Banky’s Love is in the Air
One of the most famous paintings of the artist Banksy that an NFT company, Particle, currently owns, will be offered from January 10-14. This is a new way of selling paintings devised by Particle, a new NFT company that aims to fractionalize the ownership of traditional artworks. It does so by converting them to sets of NFTs known as particles. Hence, it allows thousands of people to share ownership of specific works by renowned artists.
Loïc Gouzer, who previously served as head of contemporary art at Christie’s and is now one of the co-founders of Particle, said, “I always wanted to own art, even when I had absolutely no money—I wished I could have at least a tiny stake in the paintings that I liked.” Thanks to the USD 21.1 million seed funding from a venture capital firm last summer, her company is making things different.
On Wednesday, Particle shared that its first acquisition is Love is in the Air by Banksy that was created in 2005. The team bought it for about $18.2 million at auction. Now the work is segmented into 10,000 NFTs, and an initial offering of the painting will start from January 10, 2022, and run through January 14, 2022.
Each of the 10,000 NFTs represents a unique section of the painting. So, by shelling out US$ 2100, a person can purchase one of those particles of Banksy’s painting. After the initial offering is completed, Particles plans to enter the secondary market across NFTs, and there might be a change in value at that time. Details of those changes are not revealed yet.
Love is in the Air – Banksy
The physical version of Banksy’s creation will be offered to Particle Foundation, a not-for-profit arm of the NFT company that will be responsible for maintaining, preserving, and touring the work so that the collectors who purchase a section of the painting can see the pieces that belong to them. The royalties from the resale of particles will be used to fund the Particle Foundation. It will also own 1 percent of Banksy’s painting to act “as a protective shard and ensure no one person can envisage claiming possession of the physical painting.”
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