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Millionaire burns a $10M Frida Kahlo artwork to sell as NFT

Khalo’s “Fantasmones Siniestros,” valued at $10M, was burned by the businessman to create 10 thousand NFTS.

The world of NFTS is becoming more and more relevant among people who love technology. However, some are taking it to very extreme levels. That is the case of Martin Mobarak, a millionaire resident of Miami, who burned an illustration by Frida Kahlo valued at $10M to make a nonfungible token (NFT) with it.

The millionaire organized an event for the burning of the work known as Fantasmones Siniestros and although he assured that the proceeds from its sale will go to help children, his action is generating much controversy, as the historical piece was a drawing from the artist’s diary.

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The 57-year-old Mobarak’s justification is that supposedly Frida Kahlo would have liked to destroy her works for the benefit of others. The man is the CEO of Frida.NFT, is an organization dedicated to blockchain technology dedicated to bringing together collectors, creators, and art lovers to ‘immortalize’ works and sell them for altruistic purposes. “I hope those who are here can understand, it’s to help sick children and victims of domestic abuse,” the entrepreneur assured.

Before the act, ‘Arte Capital’ and some of Diego Rivera’s relatives declared that Frida Kahlo’s work was not well protected in Mexico, and that’s why it ended up destroyed. “It seems to me a medieval act, an atrocious act, it is not necessary to burn something in the physical universe to put it into the metaverse,” said Diego Maria Alvarado Rivera, great-grandson of the painter.

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And with all the controversy since July 30, a cryptocurrency portal claimed that Fantasmones Siniestros was “an ultra-high definition digital copy” created supposedly intending to copy the original work; however, it is still unknown whether this is true or not.

Story originally published in Spanish in Cultura Colectiva

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