The famous street art “Love Is in the Air” is coming to the NFT world. As the special Banksy NFT will be available from January 10.
Image Credit: Banksy Explained
Particle and Banksy NFT
The NFT company – Particle, intends to fractionalize the ownership of traditional artworks. And the innovative idea is executed by converting the artworks into sets of NFTs called Particles.
Recently, the company received $15 million in seed funding from a venture capital firm.
In fact, just after acquiring the funding, Particle revealed that its first addition is Banksy NFT, Love Is in the Air (2005). Additionally, the art form will be segmented into 10,000 NFT drops. With each NFT representing a unique section of the painting.
Whereas the physical version of Love Is in the Air will transfer over to Particle Foundation. Which is the non-profit branch of the company and works to maintain and preserve the traditional art forms. So, the collectors can see the pieces and rightfully claim to own them.
The Banksy NFT sale
The initial offering of the Banksy NFT collection will begin from January 10 till January 14. Also, the collectors will get a chance to purchase a “Particle” for about $1,500. After the offering, the NFTs will enter various NFT marketplaces but no information about their price is available yet.
Besides, the Royalties received in the resale of each NFT will be used to fund the Particle Foundation. On top of that, the foundation will retain 1 per cent of the sold NFTs.
However, investors will have the responsibility of marketing and selling their asset in the NFT market.
Furthermore, both the Particle and Particle Foundation plans to create a type of meta museum for the future. Overall, it will be a fusion of traditional art institutions and the digital NFT market.
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