The market has slowed down significantly, sales have plummeted, and the people involved in the space are grasping for ways to get their projects some attention.
According to Martin Mobarak, the best way to destroy art was to destroy it by the Mexican artist. Mobarak promised to use the profits from NFT sales for charity when he burned a drawing by Kahlo at a party in July.
A video produced by the NFT company states that the event will solve some of the world's biggest problems.
According to The New York Times, the project has only sold four of the 10,000 NFTs it created, so it has only made a small profit on a $10 million stunt. The promotion tactic may have violated Mexican law.
The National Institute of Fine Arts and Literature in Mexico considers the work of the artist to be a national monument. The institute said in September that it was looking into the authenticity of Mobarak's drawing. It is not clear if authorities have shared their findings with the public.
According to the website for the project, it is an effort to bring together people who love art and those who don't. The only remaining link to the diary painting, Fantasmones Siniestros, is described on Open Sea. The world's connection to Fantasmones Siniestros is more tenuous than ever due to the lack of interest in the NFTs.
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