A whopping $USD 12.9 million was paid by Particle, a non fungible token (NFT) platform to acquire one of Banksy’s most iconic pieces, “Love is in the Air” in a Sotheby’s auction in May. Particle announced that they would be digitally dividing the piece and selling it at auction.
The piece, also known as “The Flower Thrower” will be segmented into 10,000 particles using a 100-by-100 grid and sold to bidders as NFTs, each costing approximately $USD 1,500.
The initial offering will begin January 10 and run through January 14. After the initial offering, the particles will enter the secondary market across NFT platforms with an expected change in value, most likely higher.
Although there is a randomised system disallowing buyers from choosing which particle they get, Particle CEO, Harold Eytan has said there is no limit to how many particles a single bidder could buy.
Banksy is widely regarded as being one of the most influential artists of our era.
Co-founder of Particle, Loïc Gouzer has said that Banksy’s “daring, humanitarian nature and strong beliefs reflect the mission at Particle, making this masterpiece symbolic to launch the platform with”.
“I always wanted to own art, even when I had absolutely no money—I wished I could have at least a tiny stake in the paintings that I liked.”
Particle Foundation is aiming to be a museum by the people, for the people and the bidding of “Love Is in the Air” is emblematic of this mission.