One of the leading NFT platforms, Magic Eden, has collaborated with the global art collective LCD Labs for a blue-chip NFT launch. Thus, on August 23rd, the NFT marketplace unveiled its intentions to bring the iconic street artist Banksy's renowned piece right from the street wall to web3.
Scheduled for September 17th, the artist's iconic art piece will go on sale as a 1K-piece Banksy-inspired Radar Rats NFT collection. The drop will be held exclusively on Magic Eden's launchpad, offering to own a physical Banksy's art piece from Banksy Walled Off Hotel Box Set by burning an NFT.
Banksy opened his Walled Off Hotel in 2017 on the border between Israel and Palestine in Bethlehem. Until 2019, the visitors had been allowed to purchase the artist's works in the souvenir shop, which made the hotel a Mecca for Banksy's genius connoisseurs. That's why, it's no surprise, that the shop's closure resulted in the scarcity of the author's artworks.
Thus, Banksy's most avid fans regain an opportunity to own a piece of their idol's art by burning radar Rats NFTs at any time. The physical utility represents hand-painted framed prints by Banksy’s team. Exactly the same ones had been available for two years of the souvenir shop operation.
“We are always looking to bring interesting and innovative NFT collections to Magic Eden. By introducing the legendary art of Banksy into the NFT world and piloting a unique burn mechanism in which an NFT can be redeemed for a physical art piece, we are reaching a community of passionate NFT collectors who are expressing greater demand for fine art,” Jack Lu, CEO of Magic Eden, commented on the upcoming launch.
Following his partner's request, Baptiste Ozenne, gallerist of LCD Labs, continued: “With this project, we hope to onboard a brand new audience to the art market, making it more accessible and fun. We are starting with Banksy, but our vision is to have a mix of upcoming and well-established artist sales for the months to come."
Interestingly, Banksy Box Set secondary market evaluation reaches up to $5,000 apiece depending on the date of production.
Mark your calendars for September 17th to own a unique artwork based on Banksy's original street art masterpiece.