Art

Magic Eden Tokenizes Access to Banksy’s Physical Art Via NFTs

Providing NFT holders with one last opportunity to receive a Banksy Walled Off Hotel Box Set through burning the digital token.

Art

Magic Eden Tokenizes Access to Banksy’s Physical Art Via NFTs

Providing NFT holders with one last opportunity to receive a Banksy Walled Off Hotel Box Set through burning the digital token.

Today, the NFT marketplace, Magic Eden has partnered with LCD Labs, an international art collective to present a unique sale of work from the famed artist, Banksy.

In September, Banksy’s iconic piece of art will be tokenized as NFTs through 1,000 Banksy-inspired Radar Rats which can be burned by holders to receive a free authenticated Banksy Walled Off Hotel Box Set.

The Radar Rats NFT collection will premier exclusively on Magic Eden’s launchpad to pre-sale collectors first who follow Radar Rats on Twitter or hold over 5 Stone Head NFTs.

Each Radar Rat NFT will be backed by a limited-edition genesis collection of 1,000 physical hand-painted framed prints — acquired and protected by LCD Labs.

Possession of a Radar Rat NFT grants each owner the choice to either hold the digital asset or burn the NFT on the LCD LAB website for a tangible piece of Banksy artwork.

In 2017, the global street artist opened The Walled Off Hotel at the barrier of separation between Israel and Palestine in Bethlehem. Up until 2019, Banksy’s work was available for purchase inside of the hotel’s souvenir shop which since closed – halting the production of this piece and highlighting its scarcity.

Additionally, 10% of the sale’s revenues will be returned to the Banksy Walled Off Hotel in support of an urban art festival taking place in Bethlehem.

“We are always looking to bring interesting and innovative NFT collections to Magic Eden,” said Jack Lu, CEO of Magic Eden. “By introducing the legendary art of Banksy into the NFT world and piloting a unique burn mechanism in which an NFT can be redeemed for a physical art piece, a community of passionate NFT collectors who are expressing greater demand for fine art.”

The collaboration is particularly special given the connection it builds for both digital and tangible art. This drop meets the needs of both NFTs and devoted art enthusiasts with both forms of Banksy’s renowned work.

“With this project, we hope to onboard a brand new audience to the art market, making it more accessible and fun. We are starting with Banksy, but our vision is to have a mix of upcoming and well-established artist sales for the months to come,” said Baptiste Ozenne, gallerist of LCD Labs.

In this case, NFTs are used to welcome newcomers into the space of digital art by gaining access to fine art.

Currently, the aftermarket value of a Banksy Box Set varies up to $5,000 (USD) depending on the piece’s date produced.

The allowlist and public minting process is scheduled to begin on September 17th.

In other NFT news, TIALS.World to launch sustainable fashion hub with NFT membership.

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