Street art has now entered the NFT game.
Banksy, an infamously elusive street artist known for his satirical artwork, will have his Love is in the Air painting divided into 10,000 NFTs.
The division will be carried out by Particle, an NFT platform co-founded by post-war and contemporary art chairman LoÃ¯c Gouzer. According to Barron’s, it will be the first artwork the company will sell at auction.
“Banksy has turned the art world on its head. Widely regarded as one of the most iconic creators of the 21st century–his daring, humanitarian nature and a strong belief that art should be for everyone reflects the mission at Particle, making this masterpiece symbolic to launch the platform with,” Gouzer said in a statement.
Earlier in May, Particle purchased the painting at a Sotheby’s auction for $12.9 million. The company plans to segment it off into 10,000, 100-by-100 sections, with each section being a unique portion of the painting.
Particle CEO Harold Eytan stated that sections will be sold for $1,500 each. Customers may not choose which section they’ll own, as they’ll be randomly allocated, but they will be able to buy more than one.
“Once you are an owner of a Particle it is up to you to do what you please with it,” Eytan said. “They can [sell it] via a variety of secondary marketplaces, or on Particle’s own marketplace.”
After the auction for the painting takes place, the nonprofit Particle Foundation will receive the original artwork and 1 percent of purchased segments as a “a protective shard [to] ensure no one person can envision claiming possession of the physical painting.”
Those who are considering purchasing a section of Love is in the Air can apply from Dec. 13 and sign up for the waitlist. The primary sale is set to run from January 10 to January 14.
Art Macky Arquilla