Millionaire publicly burns $10 million Frida Kahlo painting and wants to sell it as NFT, but could go to jail

Miami millionaire Martin Mobarak burned a picture of Mexican artist Frida Kahlo to promote his project Frida.NFT.

Here's What We Know

The millionaire published a video in which he sets fire to the painting "Evil Ghosts" (Fantasmones Siniestros). Because the work of art was destroyed intentionally, Martin Mobarak now faces fines, hard labor or imprisonment. The police launched an investigation after a petition from Mexico's National Institute of Fine Arts and Literature. The fact that the painting is part of the millionaire's personal collection does not play a role in this case.

By burning the artwork, Martin Mobarak drew attention to his own project Frida.NFT. The destruction of the painting was timed to coincide with its launch. The developers declare that the only connection to the Mexican artist's masterpiece will be 10,000 non-exchangeable tokens. They will be worth 3 ETH ($3960), which means that in theory a millionaire could earn almost $40 million.

Mobarak has promised to donate some of the funds to charities. These include the Frida Kahlo Museum and the Palace of Fine Arts of Mexico, which, by the way, do not confirm either the receipt of funds or the fact of partnership with the millionaire.

Source: NY Post