Banksy’s ‘Wharf Rat’ NFT To Be Auctioned As NFT

Banksy’s famous Wharf Rat masterpiece will be up for auction starting at 10 AM PST on December 17.

This iconic work was first seen in San Francisco’s Pier 39 at Fisherman’s Wharf in 2010. The painting depicted a rat digging its tunnel through a door made of metal. It was located right next to Alcatraz Boat Tour station. This station was strategically located across from the notorious prison island. It was eventually lost as the City of San Francisco Department of Public Works covered it up shortly after being spotted.

Banksy’s first NFT sale was auctioned by Sotheby’s May 25th. This was followed by Valuart’s exclusive line of Banksy’s work, which were then sold in July as NFTs. A bogus Banksy NFT sold for $338k in September, however, after the success of these sales.

Banksy’s fan was able recover the piece and to entrust it in professional restoration facilities. There, art experts were able use cutting-edge restoration methods to reveal the original piece. This lost masterpiece has been saved from destruction and will be minted as a set NFT and enter the blockchain space as an everlasting monument to freedom, imagination, and creativity.

According to the official press release of the auction, the collection is a testimony to the values of the crypto community, “independence and resourcefulness, as well as persistence.”

The auction will take place and was organised by B. Creative (Robert Baek), Whonose and Daoz.eth will host the auction. The partnership was formed by B.

The project organizers will donate funds to two organizations selected by the original collector of the Wharf Rat project. Center for the Pacific Asian Family is a charity that works to end domestic and sexual violence in Asian Pacific Islander communities (API) by breaking down language, cultural, institutional barriers. Miry’s List is a network of friends and neighbors dedicated to welcoming refugee families into their community using inspired crowdsourcing solutions. This gesture was made in honor of the artist’s beliefs.

The official website of the NFT drops states that the piece was valued by an independent professional appraiser from American Society of Appraisal at $700,000. The piece will be transferred to the winner of the auction. The NFT token will be awarded to the auction winner. They will also have the official appraisal documents, provenance, historical details, and other bits of knowledge about the piece.

Disclaimer: This article is intended for informational purposes only. This article is not intended to be used for legal, tax, investment or financial advice.

Read More