Banksy Masterpiece Fractionalized as NFTs, Displayed Worldwide
Particle is transforming the world of high-value artworks by fractionalizing these pieces into NFTs. Now, they have announced a major development, revealing the loan of their Banksy painting, “Love is in the Air,” to prestigious museums globally. Over 2,600 co-owners have participated in the ownership and governance of these digital art pieces with Particle. Well-known figures like Beeple, Paris Hilton, and Kevin Rose are among them.
The journey of Banksy’s iconic painting, worth $12.9 million, starts in the United Kingdom. The piece will be displayed as a vital component of the Street Art exhibition titled “The Urban Frame: Mutiny in Colour,” located in Newmarket. The tour is set to continue with the artwork featured in renowned museums, first appearing at the MOCO in Amsterdam and Barcelona for six months at each venue. This remarkable global tour reflects a new art appreciation and distribution era, intertwining artistry’s digital and physical realms. Learn how the fractionalization of NFTs works here.
The Significance of the Fractionalization and Display of Art
“Love is in the Air” by Banksy underwent fractionalization into 10,000 NFTs in December 2021, like other artworks in Particle’s collection. These pieces are managed by the Particle Foundation. This non-profit organization handles the artwork according to the preferences of its co-owners. The Foundation is renowned for promoting artistic exchange through various mediums, supporting unique creative practices, and encouraging public education initiatives. Their mission is to challenge the conventional leadership structures in art museums, fostering an active community instead.
Particle’s expert curatorial team sources blue-chip works from various places, including private collectors, galleries, auction houses, and artist estates or studios. Their objective is to procure these pieces at an appealing cost to benefit the community, allowing co-ownership of the Art as a store of value on the blockchain.
Banksy and His Influence on the Art World
Banksy, a pseudonymous England-based street artist, political activist, and film director, has been active since the 1990s. His identity remains a mystery, fueling further speculation and intrigue around his work. Known for his satirical street art and subversive epigrams, Banksy masterfully merges dark humour with graffiti executed in a distinctive stenciling technique.
Banksy’s Art is predominantly displayed on public surfaces, including walls and self-built physical prop pieces. Although he no longer sells photographs or reproductions of his street graffiti, his public “installations” are frequently resold, sometimes even involving the removal of the wall they were painted on. This unique approach adds another layer of intrigue to his work and its continued popularity.
Particle’s approach to fractionalizing NFTs, as exemplified by the global journey of Banksy’s “Love is in the Air”, is truly reshaping our interaction with art. By enabling thousands of co-owners to take part in the governance of these masterpieces, Particle is democratizing art ownership and encouraging global appreciation. This venture proves the untapped potential of fractionalized NFTs and the wider digital asset space. As we look ahead, the exciting blend of digital and physical art realms facilitated by Particle offers promising avenues for the future of art accessibility, ownership, and, of course, enjoyment.