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Renowned street artist Banksy and LCD Labs, an international art collective that represents him, partner with Solana-based NFT marketplace Magic Eden to create a Radar Rat NFT collection.
The companies will release a collection of 1,000 non-fungible tokens inspired by Radar Rat, an original artwork by Banksy that originally appeared on the streets of London in 2002 and made it on canvas two years later.
Each token will be backed by 1,000 physical hand-painted framed prints. The authenticity of the collection is confirmed by LCD Labs, founded by French artist Léo Caillard. Every holder will have the option to receive an authenticated Banksy Walled Off Hotel Box Set for free. Whenever owners claim physical artworks, the NFTs get burned, just like Damien Hirst’s “The Currency” NFTs.
The collection rolls out on September 17 on Magic Eden’s website. Individuals that follow Radar Rats on Twitter, or hold more than five Stone Head NFTs by Léo Caillard, will get access to the pre-sale.
“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,”said the CEO of Magic Eden, Jack Lu.
It’s worth noting that ten percent of the primary sales of the Radar Rat NFT will go to The Walled Off Hotel, opened by Banksy in 2017. Located in Bethlehem, on the border between Israel and Palestine, the hotel hosted several Banksy’s artworks available for purchase in its souvenir shop.
The Walled Off Hotel was closed in 2019, and the funds will be used for the organization of a street art festival in the same location.
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