The renowned Banksy art piece “Love is in the Air,” has been sliced into 10,000 NFTs. The artwork will be the first piece fractionalized and auctioned by Particle, a non-fungible tokens platform co-founded by former Christie's post-war and contemporary art chairman Loc Gouzer.
Particle paid $12.9 million for the artwork in a Sotheby's auction earlier this year, and it will be divided into 10,000 100-by-100 portions. Each piece will represent a distinct portion of the picture. Love is in the Air will go on sale for the first time on January 10 and will last through January 14. On Particle, collectors may buy a sector of digital art for about $1,500 USD apiece. Following that, Particles will join secondary markets on other NFT platforms, where prices are projected to rise as the value of the pieces increases. Buyers will not be able to select their particles since they will be distributed at random. "Banksy has thrown the art world on its head," Gouzer remarked in a recent statement. His bravery, humanistic spirit, and a strong sense that art should be for everyone echoes the purpose at Particle, making this work meaningful to start the platform with."
Following the auction for "Love is in the Air," the Particle Foundation, a non-profit organization, will receive the actual artwork as well as 1% of the particles as a "protective shard," ensuring that "no one person can envision claiming possession of the physical painting." The foundation promises that they will never sell the physical painting because "the whole point of this project is to build the greatest collection in the world, owned digitally by the community."