A glass topped with dry ice holds the painting ‘Sinister Ghosts’, by Frida Kahlo. her owner, Martin Mobarak, set it on fire in order to revolutionize the world of digital art and the charity industry. According to the businessman, this is a way to turn the pain of the mexican artist in relief for sick children and battered women.
The strategy was the following. Martín Mobarak bought the Kahlo piece from the Mary Anne Martin gallery, for 10 million dollars (approximately 200 million Mexican pesos). The work was digitized front and back in PNG format to preserve as much fidelity as possible.
Once the digital file was made, a ceremony to burn the work in public and show that it now only exists in the virtual world.
The PNG file is then considered as an NFT given its unique content. Ten thousand legitimate copies are generated from this file, each with a code (blockchain) to ensure its authenticity. Finally, they are sold with the purpose of multiplying the value of the work and donate 30 percent of the money to various social causes.
The burning of this work occurred on the night of July 30, 2022 at the businessman’s residence located in Miami, Florida. It was an event that welcomed art collectors, designers, digital artists and representatives of charities, for example Pamela Artigas from the Association for the bladder exstrophy community.
Martin Mobarak, the host of the event, is the creator of the AG-Coin cryptocurrency and is considered in the top 30 transformational leaders of 2022 by Exeleon Magazine. T
He is also the father of Elektra, an eleven-year-old girl suffering from Crouzon Syndrome. She is the motive that drives Mobarak to make it possible to donate to organizations that provide support to those who suffer from this and other conditions.
How does the virtual sales strategy generate money?
Explained in national currency, lThe physical piece of ‘Sinister Ghosts’ by the artist Frida Kahlo had an approximate cost of 200 million Mexican pesos.
Now that it has been digitized and destroyed, only 10 thousand NFT’s will be sold (PNG files) of the piece.
How much will it cost to have one of these ten thousand files?
Acquiring an NFT from “Sinister Ghosts” will only be possible using ETH (Ethreum), a cryptocurrency that, taking into account the values of September 2022, has a value of 1 ETH = 1,361.60 dollarsthat is, approximately 27 thousand Mexican pesos.
Each NFT of the Kahlo piece has a value of three ETH: 82 thousand 921.44 Mexican pesos. Assuming that the ten thousand NFT were sold with these values, the digital work pays 829 thousand 214,400 Mexican pesos, more than four times its last price as a physical piece.
“Like the Phoenix that rises from its ashes, art is reborn towards eternity” declares Martin Mobarak for media. Some of the foundations that benefit from this virtual sales strategy are: the Children’s Craniofacial Association, the Autism Society, Fundación de Origen (Foundation for Battered Women in Mexico), Association for the bladder exstrophy community, the National Coalition against Domestic Violence and Ronald McDonald House of Charity. Among the Mexican institutions that will receive benefits from this sale are the Frida Kahlo House Museum, the Palace of Fine Arts and the National School of Plastic Arts.
The operation for the sale and distribution of funds is managed by fridanft.org, which intends to replicate this event with more works and which announces on its website an upcoming NFT for November 2022.