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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.
“I hope that everyone here can understand it, I hope everyone can see the positive side,” he said before removing what appeared to be a drawing, known as “Fantasmones Siniestros,” from its frame and setting it alight in a martini glass full of fuel.
Video from the event shows the image whither and curl in the flames as a small crowd cheers.
The event was ostensibly to promote Mobarak’s sale of 10,000 unique NFT copies of “Fantasmones Sinistros” by his latest venture, Frida.NFT.
Mobarak has claimed the sale of the NFTs — or non-fungible tokens — will benefit the Palace of Fine Arts in Mexico, Coyoacan’s Frida Kahlo Museum, and several charities dedicated to medical care for children.
“What we are going to do is change the lives of thousands of children,” Mobarak said.
Mexico’s National Institute of Fine Arts announced Monday it’s opening an investigation into the destruction of the drawing.
“In Mexico, the deliberate destruction of an artistic monument constitutes a crime in terms of the federal law on archaeological, artistic and historical monuments and zones,” the institute said in a statement.
“All the necessary information is currently being collected in order to establish with certainty that it was the destruction of an original work or a reproduction,” it continued.
The institute also said that the Palace of Fine Arts had yet to receive any donations from Mobarak or his company.
A spokesperson for Mobarak did not immediately respond to a request for comment.
On its website, Frida.NFT says the drawing has “permanently transitioned into the Metaverse.”
The company also hints at more to come.
“As this historic event creates hope for children and the needy, we will create more historical events,” reads a title card at the end of the July video.
“Fantasmones Sinistros,” one of the works found in Kahlo’s diary, had previously been valued at $10 million.
