| |OCTOBER 20224March 4, 2021. Blockchain firm Injective Protocol had just bought a 2006 edition of Banksy's Morons (White) painting for $95,000. To everyone's surprise, the company burnt the mesmerizing work to ashes, and they live-streamed it. The firm immediately created a digital representation of the world-famous artist's work using blockchain technology and turned it into an NFT.Non-fungible Tokens (NFTs) are digital-only visual assets powered by blockchain technology. NFTs can be image files, videos, music, trading cards, or even tweets, and they can be traded and sold between users. The NFT industry grew by 299% in 2020 and continues to skyrocket, states a report from the time. Back to Banksy, while burning the artwork could sound like an outrageous thing to do, Injective Protocol's stunt has paid off. The Morons NFT was sold for $380,000--a 300 percent increase from its price as a physical print. "We view this burning event as an expression of art itself. The physical piece will forever be memorialized in this NFT. We specifically chose a Banksy piece since he has previously shredded one of his own artworks at an auction," explained Mirza Uddin, an Injective Protocol executive. However, while the arguments between art lovers flare up, the online global art market is predicted to increase by 494 percent by 2024, thanks partly to people's increasing interest in crypto art and NFTs. We feature some exciting stories from the online art industry in this issue. Do let us know your thoughts. Sujith VasudevanManaging Editoreditor@ceoinsightsindia.comA New Canvas Editorial Vol 04 · Issue 5 - 1 · October, 2022 Publisher Alok Chaturvedi Managing Editor Sujith Vasudevan Manager - DesignPrabhu Dutta A.R.N RayAssistant EditorHeena KousarNoidaRohit Raghubanshi Garima Anandadvertise@ceoinsightsindia.comEditorial queries editor@ceoinsightsindia.comTo subscribeVisit www.ceoinsightsindia.com/subscribe/ or send emailto subscription@ceoinsightsindia.comMagazine Price is Rs.150 per issue.Editor Alok ChaturvediPrinted and Published By Alok Chaturvedi on behalf of Info Connect Web Technolo-gies India Pvt. Ltd., and Printed at Precision Fototype Services at Sri Sabari Shopping Complex, 24 Residency Road Bangalore-560025 and Published At No. 124, 2nd Floor, Surya Chambers, Old Airport Road, Murugeshpalya, Bangalore-560017.Copyright © 2022 Info Connect Web Technologies India Pvt. Ltd., All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher. Design Asokan S V Hari ShankarVP - Sales & Marketing Amrit SinghCirculation Manager Magendran Perumal Editorial Keerthana Kantharaj Sthitaprajnya Panigrahi Roopalatha H Tanuja Akkanavar Shirly Pabisha T
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