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NFT-backed $12.9M Banksy artwork will be loaned to global museums

banksy nft love is in the air will be going on tour
Banksy’s iconic Love is in the Air was fractionalised into 10,000 NFTs, and its owners have now voted for it to go on something of a European tour.

Banksy is one of the most recognisable and respected street artists of today, Web3 or otherwise. Soon, you’ll be able to view one of his most iconic pieces – Love is in the Air – in major museums around the world. 

Love is in the Air is unique. In December 2021, the piece was fractionalised into 10,000 NFTs by Particle – a company that enables fractionalised ownership of high-value art through tokenisation. 

Co-owners of artwork held by Particle have governance and ownership rights, and they can decide which future works to buy, and if and when to sell, should an offer be made on the artpiece. 

Related: Azuki NFT prices sink after disappointing post-mint artwork reveal

Particle told Decrypt that the owners of the Banksy, some of which include Beeple and Paris Hilton, have voted to loan the $12.9 million Banksy out to major museums and galleries around the world. The piece will be embarking on something of a European tour later this month, starting with an English Street Art exhibition called “The Urban Frame: Mutiny in Colour.”

After the Urban Fame exhibition, the piece will be featured in the prestigious MOCO galleries of both Amsterdam and Barcelona, each for a period of six months. 

The physical artwork is held by the public non-profit entity, the Particle Foundation.

Harold Eytan, CEO of Particle, told Decrypt that “Owners get to vote on where the work is placed. We organize special events for collectors around the artwork and the exhibitions. And in some instances, collectors will receive personal physical components to the digital work. For example, top collectors receive an original H.R. Giger print.”

“One of Particle’s missions is to democratize art ownership—both at the point of buying and owning and also of viewing and enjoying,” he added. “By opening artworks up to co-ownership, we are taking high-value artworks out of storage, and allowing them to be enjoyed in real life by global audiences.”

The loaning of the NFT-backed Banksy demonstrates growing institutional adoption of NFT art within traditional art spaces. 

Eytan further told Decrypt that “As more institutions continue to embrace digital artwork and NFTs, the future of art ownership and governance is set to evolve. Platforms like Particle are playing a key role in shaping this future, fostering a sense of shared ownership and democratizing art ownership.”

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