A fully restored digital replica available in 4,900 pieces
World-famous street artist BANKSY teamed up with Solana-based NFT Marketplace VooVoo to drop The Aachoo!! this week. The restored art was forensically scanned, creating a full digital replica available in 4,900 fractions which have sold out at a rate of 1000 USDC per piece in 24 hours, generating approximately $4.9 million in revenue from the sale.
The Banksy Aachoo!! mural, which measures 5ft by 8ft, was lifted from a wall using a crane after being discovered in a semi-detached house in Bristol, UK. Hometown of the infamous street artist. The art was then professionally restored by Federico Borgogni. The image features a woman sneezing so hard that her false teeth are seen flying out of her mouth.
The individual pieces are unique and buyers didn’t get to choose what image they receive, giving collectors a personal connection to the original Banksy Aachoo!! artwork. Each fraction of the artwork sold for $1,000 in USDC as an NFT, with an option of bidding for more than one piece per collector.
What is VooVoo
VooVoo is an NFT marketplace on the Solana blockchain that wants to bring digital ownership to a broader market and improve the experience for everyone. The NFT marketplace brings together brands and names in sports, entertainment, and culture with plans to create exclusive partnerships with leading football clubs, current, and former players, leading athletes from all sports sectors, and well-known celebrities to help create and market exclusive authenticated NFT collections.
The native wallet and VOO token complete the core set of products and along with the marketplace form the building blocks needed for the next stage of the roadmap.
Non-fungible tokens or NFTs as they are known for short have dominated the blockchain and crypto narrative lately. As million-dollar sales hit the headlines, many potential buyers might be feeling left out, worse yet, that they missed the boat completely. However, what many don’t know is that it’s possible to buy small chunks of certain valuable NFTs. Sold at a fraction of the price of the total NFT value.
The process, known as fractionalization, gives new shard holders equity in a valuable item and the NFT owner a chance to release some liquidity in their digital collectible. At the time of writing the Total Fractionalized NFTs Market Cap stands at more than $107 million – showing an increased interest in the idea.
In this scenario, the process is working in the same way. The original image has been separated into thousands of smaller items available to purchase at a lower cost than purchasing the entire artwork. Interestingly, some shards may be worth more than others. For example, Banksy is known to sign his name on his street art, a shard containing a piece of his signature could fetch more than a shard which only shows the white wall background.
Collectors now hold a chunk of rare artwork which may or may not become more valuable over time. Given that Banksy’s name is attached to the sale we are expecting to see more demand and it will be interesting to see how secondary market sales play out and if holders flip the shards for potential profits.
The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research. The writer holds ETH, BTC, AGIX, HEX, LINK, GRT, CRO, OMI, IMMUTABLE X, GALA, AVASTR, GMEE, CUBE, RADAR, FLOW, FTM, BNB, SPS, WRLD, ATOM, and ADA.