The first case is the transformation of a physically existing work of art into a virtual asset.
The blockchain company Injective Protocol bought the work of the famous street artist Banksy for 95 thousand dollars from a New York gallery, during an action in the USA that was broadcast online, burned it and turned the work into a virtual asset, a non-interchangeable token (NFT).
We are talking about Banksy's work called "Morons", ridiculing collectors. The black and white stencil depicts the participants of the auction, which exhibited a painting with the inscription "I can't believe you morons actually buy this shit"
("I can't believe you assholes are actually buying this shit")
