Fake Banksy Art Netted Over $1 Million In ETH From NFT Sale

A fake Banksy art netted over $1 million in ETH from NFT sales while the crypto community debates the value of Cryptopunks and other NFTs that are rising to high valuations so let’s focus on this one today in our cryptocurrency news.

Since a few days ago, frequent browsers on the NFT marketplace Opensea and Rarible noticed a new account dubbed “Pest Supply” with NFT made in Banksy’s signature graffiti stencil style and many jumped in with conclusions that it was in fact the real artist. Nansen, the popular wallet provider showed that the individual listed an address that was first active on February 13 while it was most active a day ago when OpenSea wiped a lot of the account history and disabled further sales with the records showing hundreds of sales to buyers ranging from 0.
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116 ETH to more than 60 ETH a piece dubbed “NFT Morons.”

I either just blew $750 or got the deal of lifetime on a Banksy… we shall see.https://t.co/YSMULcspgY? #rarible #ethereum #nonfungible #digitalasset #nft via @rariblecom

— OnTheBrink (@Brinkster0x) February 19, 2021

Banksy’s “legal guardian” explained in an email and denied any association with the NFT while the individual indicated that they are selling knock-offs compared to artist Elaine Sturtevant that was known for the replicas of more popular artists work as per the Rarible bio. The account took about 512 ETH total according to Nansen with about 430 ETH sent to a secondary address.
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The Rarible page of the fake Bansky artist included a few screenshots of Etherscan transactions that were made as a donation to Save the Children which was about 5% of the total haul of the individual.

Re: Banksy @rariblecom thing

"No way shape or form" pic.twitter.com/IKTjnqHFpw

— 🔥 MÅxXx Ø$iR!S :://:: httpxx :://:: 💮 (@maxosirisart) February 19, 2021

The crypto artist Max Osiris tipped of the community that the legal guardian of Banksy denied the association with the NFTs in an email and he even asked if the NFTs are legit while Pest Control responded that there’s no affiliation in any way, shape or form.  This doesn’t prove that NFTs are a faked Banksy work but Pest Control is known for denying association with installations like this one. On the other hand, the fake Banksy shows clear indications that they are not associated with the real artist:

 “Locked by decentralized OpenSea as they have no idea who Elaine Sturtevant is and know nothing about art history. This is art history in making.”

I am the owner of a fake Banksy but an original prank by Pranksy

💚 @pranksyNFT pic.twitter.com/pixPzncixk

— Twerky Pepe – The Pumpiest NFT Collection 💚 (@TwerkyPepe) February 19, 2021

Sturtevant is known for recreation the works of famous artists from memory which poses a philosophical question about the nature of originality and authenticity. The art blog NFT Art Review supported the view that the fake Banksy is working in this mode while the other individual updated their Rarible bio responding to the blog. Osiris noted:

 “Yes, I think art has value even if it’s a fake because it’s up to the collector to figure out what they’re getting. In a sense this is a pretty successful art project, especially if the money goes to where they claim it will go.”