A one-of-a-kind artwork has just been destroyed by a millionaire cryptobro that still believes in NFTs and The Metaverse. Amid a tumbling crypto market, one wealthy fan has burned a true piece of art to create digital collectibles.
Millionaire cryptobro burns Fantasmones Siniestros
Reported by culture news website Remezcla, Mexican businessman, Martin Mobarak set fire to the one-of-a-kind Frida Kahlo painting in front of a crowd. Allegedly, a crowd of around 200 watched the painting go up in flames.
In a very self-flagellating video, Mobarak is seen in front of a wealthy Miami crowd. The millionaire cryptobro takes the painting out of its frame, places it upon a cocktail glass and sets it alight to the sound of cheers.
However, that’s not where the story ends. Mobarak aims to replace the one-of-a-kind $10 million Kahlo piece with 10,000 NFTs of the now-destroyed artwork.
The cryptobro millionaire believes that the painting’s life as an NFT is doing more good for the world. He claimed:
“People may see it as I destroyed it. But I didn’t. This way I am bringing it to the world. I am letting everybody see it. I think it does more good for the world and makes a statement rather than just sitting in someone’s private collection.”
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The nature of profit
The millionaire’s idea is to sell the painting as an NFT collection consisting of 10,000. Each NFT will include “high-resolution images of the front and back of the drawing, a copy of the certificate of authenticity, and animated GIFs and short movie loops for displaying in digital picture frames or projecting onto walls.”
Mobarak aims to sell each NFT for 3ETH (three Ethereum). At the time of writing, one ethereum is equal to $1,332. If every NFT sells, the millionaire will receive $39,972,900 worth of the digital currency.
With the original artwork valued at $10 million, Mobarak could make a profit of $29 million. Of course, that’s all dependent on whether every NFT sells, and if the painting was really destroyed.
Mexico’s National Institute of Fine Arts and Literature is currently investigating the burning of the painting due to huge suspicion. Many believe that the millionaire burned only a copy of the painting instead of the real deal.