A Frida Kahlo drawing that might have been worth over $10 million was set ablaze to mint 10,000 non-fungible tokens or NFTs by a Mexican businessman in Miami this week.
There’s a minor catch, though: No one knows for sure if the Kahlo drawing was real or fake, or even if the drawing was actually valued at $10 million or more.
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Perhaps it's nothing more than a publicity stunt by a man who said he was “going to change the lives of thousands of children.”
The drawing in question – named Fantasmones Siniestros, or Sinister Ghost – was sketched in Kahlo’s diary and burned by Mexican businessman Martin Mobarak, who incinerated the drawing to sell 10,000 NFTs of the drawing, valued at $4,000 apiece (3 ETH). This would effectively mean he converted a $10 million drawing into a $40 million collection of NFTs.
“The whole thing is creepy,” Latin American art dealer Mary-Anne Martin told VICE.
Many are furious about the businessman’s decision to take a tangible piece of art and convert it into NFTs, with Mexico's major art institutions even saying the crime should be investigated.
In any case, perhaps as penance, Mobarak claims he will set aside some of the earnings for charity, particularly for survivors of domestic violence, autistic children, and even the Frida Kahlo museum.
“People may see it as I destroyed it. But I didn’t,” Mobarak told VICE. “This way I am bringing it to the world. I am letting everybody see it. I think it does more good for the world and makes a statement rather than just sitting in someone’s private collection.”