Banksy’s Famed ‘Love Is In The Air’ Painting To Be Split Into 10,000 NFTs
Particle, an up-and-coming NFT company, is changing the art landscape by fractionalizing ownership of famed artworks by converting them into sets of digital works, allowing for thousands of people to share ownership of a single piece.
Its inaugural launch has been revealed to be Banksy’s Love Is In The Air painting, which was acquired for US$12.9 million at auction.
Now, the firm has turned the single artwork into 10,000 NFTs, each covering a separate section of the painting. Instead of shelling out millions of dollars for the entire piece, collectors will now be able to purchase a “particle” of the work for US$1,500.
Once the painting has been divided into NFTs, it will be brought to the Particle Foundation, the company’s nonprofit segment that will help to preserve and maintain the artworks. The painting will go on tour as well, so that collectors can see the pieces they own up close. All proceeds from the resale of these “particles” in the future will go towards funding the Foundation.
In order to ensure that no one single person can buy the entire painting, the Foundation will be reserving rights to 1% of the “particles.” This acts “as a protective shard and ensures no one person can envisage claiming possession of the physical painting,” explained the company.
According to ARTnews, unlike other fractionalized NFTs, buyers of “particles” have a chance to get a return on their investment even if the entire painting doesn’t sell collectively. A buyer could simply resell his or her pieces on secondary NFT platforms, subject to market value. However, it’s yet to be seen what that means for the market when multiple collectors sell pieces of the same artwork.
“Particle Foundation is going to be a museum for the people, but also by them. It will be great to see art like that, because pure enjoyment of art is not complete until you feel you own it,” said Loïc Gouzer, co-founder of Particle.