Frida Kahlo drawing worth more than $10 million set ablaze to sell NFT

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Frida Kahlo drawing worth more than $10 million set ablaze to sell NFT

A Frida Kahlo drawing that might have been worth over $10 million was set ablaze to mint 10,000 non-fungible token or NFTs by a Mexican businessman in Miami this week.

There is a minor catch, though: No one knows if the Kahlo drawing was real or fake, or even if the drawing was actually valued at $10 million or more.

How smart money is playing the game of criptocurrency.

Perhaps it's nothing more than a publicity stunt by a man who said he was going to change the lives of thousands of children. The drawing in question named Fantasmones Siniestros, or Sinister Ghost was sketched in Kahlo's diary and burned by Mexican businessman Martin Mobarak, who incinerated the drawing to sell 10,000 NFTs of the drawing, valued at $4,000 apiece 3 ETH This would effectively mean he converted a $10 million drawing into a $40 million collection of NFTs.

Many are furious about the businessman's decision to convert a tangible piece of art into NFTs, with Mexico's major art institutions saying the crime should be investigated.

In any case, Mobarak claims to have set aside some of the earnings for charity, particularly for victims of domestic violence, autistic children, and even the Frida Kahlo museum.

It's possible that people will see it as I destroyed it. But I didn't, Mobarak told VICE. This is the way I am bringing it to the world. I think it does more good for the world and makes a statement rather than sitting in someone's private collection.