An NFT is being created from one of Banksy's most prolific works. The painting, often known as Gorilla in a Pink Mask, was created first in the artist's birthplace of Bristol in 2001 on the wall of the present Jalabad Cultural Centre. It was covered up in 2011, however it was later painted over and removed by Exposed Walls in 2020. Now, the piece has been repurposed as an NFT and is set to be offered as such at The Exchange later this year. "I thought it was a really interesting concept" said Simon Williams, curator of the upcoming auction. "Banksy's pieces are often worth a lot of money and people would usually just sell them off for that reason. By repurposing them into NFTs, we can make sure that both collectors and art enthusiasts alike are able to continue enjoying his work even after its initial value has been drained."
The piece is currently under development with Exposed Walls, who have previously created many of the world's most expensive NFT's by converting artworks by Banksy, Mr Brainwash and Shepard Fairey.
"It's difficult to see the original work underneath this really tacky tie-dye pattern." said Mark Roberts of Exposed Walls. "I'm just glad that we were able to preserve it by turning into an NFT before this happened."
Though the auction house has not yet released a date for the piece, interested parties can register now to be notified as soon as it is available.
In an interesting move by ArtExchange from 2020 ,the auction house created from what used to be Sotheby's, they recently released that one of Banksy's most iconic pieces is going to be made into an NFT. This comes on record as the first time in history that a painting has been converted into an NFT. The piece was originally painted on the Jalabad Cultural Centre in Bristol, England in 2001 and was later covered up and painted over in 2011. The piece was considered one of Banksy's biggest pieces at the time and could be seen from almost every corner of the city. In 2020, it was re-discovered and turned into an NFT after a long and extensive process that included many different strategies and techniques before finally making it into its final state today.
People who have already registered to be notified for the auction include both private collectors and individuals from all over the world. The piece is said to go through a thorough re-education process before it goes up for sale on 2020. Some experts speculate that even after its initial value has been drained, the piece may still fetch up to 7 figures due to its rarity and public demand. Simon Williams, who is also a consultant for the project stated that "Banksy's pieces are often worth a lot of money and people would usually just sell them off for that reason. By turning them into NFTs, we can make sure that both collectors and art enthusiasts alike are able to enjoy his work even after its initial value has been drained."