Martin Mobarak is a millionaire of Mexican origin who is under investigation after burn down the drawing “Sinister Ghosts” by Frida Kahloa work that was valued at 10 million dollars and that the businessman digitized to turn it into “cryptoart”.
The now digital file will be sold as “NFTs” (Non-Fungible Token), which is a special type of cryptographic token which is not interchangeable and has a blockchain code to ensure its authenticity.
The NFTs of “Sinister Ghosts” can be purchased with ETH (Ethreum), a cryptocurrency that has a current value of 1,361 dollars, that is, approximately 27,000 Mexican pesos. The billionaire assured that would donate part of the profits to the Palace of Fine Arts and other arts organizations.
Notably, Martin Mobarak is the CEO and founder of Frida.NFT, an initiative that aims to share the works of the Mexican artist internationally while receiving donations.
The National Institute of Fine Arts and Literature of Mexico (Inbal) reported that an investigation was launched to collect “all the necessary information, in order to establish with certainty” what happened to the drawing.
“In Mexico, the deliberate destruction of an artistic monument constitutes a crime under the terms of the federal law on monuments and archaeological, artistic and historical zones,” the agency said in a statement.
Also, the institute denied the donations to the Palace of Fine Arts and assured through his statement that to date no request for authorization of the reproduction of the work has been received.
So far it unknown any new position on the part of Martin Mobarak. The burning of the drawing happened in July, however, just a few days ago the video of the event went viral in different media.