The Basquiat auction’s sponsor is Daystrom, the firm responsible for David Bowie’s online bank.
The weird wide world of non-fungible tokens is gaining steam, and its getting pretty disturbing. On Tuesday Daystrom, an anonymously-owned firm self-described as “digital provocateurs,” announced an upcoming non-fungible token auction of an original Jean-Michel Basquiat drawing from 1986. The winner of the auction will be given the option to destroy the original drawing, in order to make the NFT “the last remaining form” of the work.
The drawing, Free Comb with Pagoda, was bought privately in 2015 for an undisclosed amount. In 2012, Texas’ Heritage Auctions offered the piece for between $80,000 and $120,000. On the OpenSea marketplace, bidding has opened at one unit of the cryptocurrency Ethereum, currently worth over $2,600.
“Value has become increasingly fungible, diluted and unstable in our evolving metaverse,” Daystrom’s owners said in a statement. “There’s a tremendous spike in user demand for exclusivity. NFT assets provide this exclusivity and create an entirely new online value system that was previously unimaginable.”
Earlier this year, an original Banksy piece was sold for about $380,000 in an NFT auction, then immediately burned in a live-streamed ceremony. The piece, Morons, is ironically a critique of the art market itself, depicting an auctioneer at Christie’s New York auction house.
The eventual buyer will have the transation minted on the Ethereum blockchain to “memorialise ownership” of the piece. Founders say the auction winner will receive reproduction and intellectual property rights in perpetuity.
Stay tuned for further updates on the Basquiat non-fungible token auction.
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