888 NFT worth of parts from a burnt out vehicle will be auctioned off among Lambos haters.
Previously, Shl0ms blew up a sanitary item and raised over $500K with his NFTs.
A digital artist, known under the pseudonym Shl0ms, enlisted the help of explosion experts and blew up a Lamborghini Huracán in protest against the greed surrounding bitcoin (BTC). He disagrees with the way users are invited to invest in cryptocurrencies with the sole idea of getting rich quick.
After blowing up the luxury vehicle, valued at 7 bitcoins (about $259,000 at today’s cryptocurrency price), Shl0ms and his team meticulously took every charred remnant of the Lamborghini and they recorded videos which they later turned into 999 non-fungible tokens (NFT).
His plan now is to sell the collectible tokens at an auction that is scheduled for February 25th and will take place in the website of the artist himself. As specified on the platform, 888 NFTs will be released for sale and the remaining 111 will remain the property of Shl0ms and your team. According to the artist, he invested USD 1 million in the creation of the project.
In September 2021, Shl0ms stated his idea to blow up a Lamborghini, and at that time made it clear that he hates these vehicles. After that, he bought a used one, for around USD 250,000, and drove it to a deserted place that he did not reveal, where he blew it up.
With the funds raised from the sale of his NFTs, the artist plans to form a Decentralized Autonomous Organization (DAO) for the governance of his project. He wants to attract other people who also hate Lambos., although on his Twitter he has several messages from those who love these vehicles. “a sample of how art became marketing and allows the sublimation of the ego”, comment one of them.
In fact, his project has sparked a wave of heated discussions in the community revolving around cryptocurrencies on Twitter. Among them there is a user who recommends burn cash instead of Lambos.
Lambo is one of the most recognized terms in the community, portrayed in many memes and jokes. The abbreviation for Lamborghini is used in the ecosystem, referring to the first firms to accept payments in cryptocurrencies. In addition, as one of the investments preferred by the millionaires of the ecosystem, Lambo also refers to large profits that allow buying a million dollar vehicle, as detailed in the CriptoNoticias glossary of terms.
Meanwhile, Shl0ms insists on explaining to the community the concept on which his art is based and with that idea share a sentence from a book about destruction as a key element in the creative process. Destruction challenges the perceived integrity of built structures and institutions and has been a motif for contemporary artists for decades.
Greed and avarice as a drive in the world of NFTs
Although Shl0ms decided to blow up a Lamborghini to express rejection of the way many get into cryptocurrencies, with the sole idea of getting rich. The same thing happens in the world of NFTs.
A technique called Wash Trading it is hidden in the world of non-fungible tokens and is identified as a way to manipulate the market by buying, selling and buying back the same financial instruments or NFTs.
As reported by CriptoNoticias, the Wash Trading is promoted by certain operators with the idea of creating a false impression that there is a high demand to raise the price of each asset each time a trade is made.
It is evident that in this NFT market there is also greed and despite this it is the ecosystem chosen by Shl0ms to present his ideas. He had previously performed a smaller experiment before blowing up a Lamborghini.
However, he claims that he will use a unique custom auction mechanism that apparently restricts the ability of cryptocurrency and token “whales” to purchase significant portions of the collection.
It was previously inspired by renowned artist Marcel Duchamp’s sanitary piece artwork, but unlike this one, Shl0ms blew it up and then collected 150 debris from the explosion into a short film. That was at the end of last year, when he created a kind of film called FNTN’s NFT Collection and with it raised USD 500,000.
Currently in the NFT market of openseathe minimum price of FNTN has reached 1.49 ETH and the total volume of transactions has reached 299 ETH (at the current price it is about 750,000 US dollars).
After the success of his first project, it seems that Shl0ms couldn’t contain his greed and that’s when he came up with a more ambitious idea. Now the question remains, what will be the next project that this digital artist will come up with if he is successful and achieves a large collection with the charred remains of a Lamborghini?