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Entrepreneur Plan Martin Mobarakowner of one of the works of the Mexican artist Frida Kahlo, burn one of his unique sketches to turn them into NFTs (Non-Fungible Tokens) failed colossally, selling only 4 out of 10,000 units.
Worst of all for the man, on top of this absolute loss of money, the relevant authorities in Mexico launched an investigation against him for attacking a historical work for the nation.
burning money
Mobarak caused outrage in his country after he burned a drawing called “Sinister Ghosts”. He promised that by digitizing it, he would “perpetuate” the artist.
“Turn this job into NFTs It is a way that we can immortalize her work and her life, we are building a bridge between traditional art and new art, i.e. digital art (…) Frida loved to give back. This is something that will cause controversy, with this we can ensure the success of this project, ”the millionaire said in an interview.
FROM NFTs in his virtual possession, he began selling them with the promise that the money would “come in the form of donations” to art venues.
However, the Mexican Ministry of Culture denied that it was informed about this act of the “collector”, publicly warning about this fact.
And through videos on social networks, he shared the moment of burning the work.
Result? Catastrophic
In accordance with The newspaper “New York TimesMobarak managed to sell only 4 NFTsearning $11,000 to date, compared to $10 million for the original work.
Similarly, the National Institute of Fine Arts said it was investigating the mogul. “Intentionally destroying a monument of art is a crime under the provisions of the federal Archaeological, Artistic and Historic Sites and Monuments Act.”
In March 2021, street artist Banksy’s Imbeciles was burned and then sold as digital art for $380,000. However, the people behind the arson call the stunt “art in its own right.”
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Source: RPP
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.