Millionaire Martin Mobarak probed for torching $10M Frida Kahlo painting in NFT stunt

[OnlinePoker]

Source: New York Post

Who says crypto is going down in flames?

A Miami millionaire claimed to have burned a $10 million dollar work by renowned painter Frida Kahlo as part of an NFT launch — and is now being investigated by officials in the late artist’s homeland of Mexico, according the country’s National Institute of Fine Arts and Literature.

Entrepreneur Martin Mobarak filmed himself apparently setting the small and colorful Kahlo drawing ablaze at an event in July, in a stunt that was meant to promote his sale of digital versions of the rare work, which is considered a national treasure in Mexico.

Read more: https://nypost.com/2022/09/27/rare-frida-kahlo-drawing-torched-in-nft-sale/

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The insanity of burning a $10 million tangible asset to turn it into crypto units boggles my mind.

On edit: I'm hoping it's a hoax and the painting was a copy, but if this is the case and he sells those NFT's, I would think that would be fraud.

[fierywoman]

1. Or was it a copy?

[OnlinePoker]

2. See my edit. n/t

[dalton99a]

3. Frida.NFT says the drawing has "permanently transitioned into the Metaverse"

[harumph]

4. why don't we issue an NFT of Martin?

[Warpy]

5. Uncharacteristically cheery for a Kahlo

Does anyone know this painting? We have only his word for the artist and the worth at auction.

I don't know who's worse, this POS or all the arty wankers at his party cheering the destruction of a supposed work of art.

PIty no one thought to toss him and the painting into that pool, saving whatever the painting was.

[ultralite001]

6. Original or no...

Let's hope his crypto offering goes up in flames...


That is all...

[Beakybird]

7. What a horrible self centered asshole!!

[JI7]

8. i still don't get the NFT thing and how that is worth anything

[live love laugh]

9. Me either.

[Shipwack]

10. Things are worth what people can be convinced that they're worth...

It makes only slightly less sense than that a piece of green paper is worth a dollar... it's not even backed by gold anymore.

But yeah, I agree the whole NFT thing is worse than beanie babies, or tulip bulbs.

[cstanleytech]

12. Even if it was still backed by gold it would only have value because

people believe gold has value.

[Shipwack]

18. Huh... 100% correct. I hadn't thought through it that far... :) NT

[oldsoftie]

16. There you have it; the "greater fool" theory.

[Orangepeel]

11. Why was the painting worth anything?

It was tangible, but no different than a reproduction for practical purposes. It is/was worth $10 million because experts said it was the real one. With an NFT, there may be copies, but experts say the NFT is the real one. Not that different.

[oldsoftie]

17. I've always thought pretty much the same. Its a PAINTING.

These people who pay 10-50-150 MILLION for something that COULD be made over and over are just in it for ego & the bet someone will pay more later.

[PSPS]

13. It's just another silly thing to entertain bored billionaires.

[FreepFryer]

14. fundamentalist capitalist takes a cue from the Taliban playbook, devalues humanity (nt)

[Brenda]

15. Sounds sexist.

Why didn't he torch a Picasso or Monet (/copy)? No, he chose a well-known feminist artist.

[Coventina]

23. I noticed that as well. White man vs. Brown woman.

Guess who gets their art destroyed?

[LudwigPastorius]

19. According to LinkedIn, he describes himself as...

an "art alchemist transforming physical art into digital gold".

What a shithead.

[3Hotdogs]

20. Wasn't this for a charity?

Even so, assholic.

I sold my photographs for a while, until it became too much of a time sink. Made a couple'a thousand.

Friend, a photographers, told me, don't fall in love with what you sell. Once you sell it, it is theirs. They can hang it where they want or store it in the basement to never be seen again. Or they can give it away or throw it away. They paid for it. It's theirs.

[Joinfortmill]

21. WTHH?

[prodigitalson]

22. jesus fucking christ

the mexicans will throw this guy under the jail for that.

what a fucking douche bad