Burnt Banksy, CEO of XION, on Being ‘Stupid’ for Burning a Banksy Painting and Industry Being ‘Extremely Close’ to Mass Adoption Via Chain Abstraction | Ep. 353
In an exclusive interview with Cryptonews Podcast, Burnt Banksy, the founder of XION, a blockchain specifically built for consumer adoption, discussed burning Banksy’s ‘Moron’ and why it was “dumb.”
He talked about creating the first walletless Layer 1 blockchain, wholly designed for consumer needs, and why it is “lame” for L1s to compete with each other, especially when more specialized L4s, L8s, L12s, etc., are likely to arrive.
Lastly, Burnt Banksy discussed why we are close to mass adoption.
In 2021, Burnt Banksy made news when he burned a Banksy print called ‘Morons’ in a livestream.
Burnt Banksy said he was a fan of Banksy but was up for an experiment.
Prior to the boom barely anybody new of NFTs. Even once these assets became world-known over the past several years, people did not see it as having any sort of value.
They’d say it’s worthless, a simple JPEG that can be copy-pasted.
Burnt Banksy and his two friends chose an undeniably valuable work of art – to destroy and test what would happen to the value of the NFT version.
The trio bought the piece for $95,000 and would later sell it for $380,000, breaking the previous NFT sale record of $90,000.
“And if I’m being honest, we were fucking stupid. It was dumb,” Burnt Banksy said.
“We set the min bid, I think it was like $40,000, and we’re like, you know what? We had a lot of fun doing this. No matter what, it was a great time. And if we don’t make money, that’s okay.”
Additionally, the trio had no idea how difficult it would be to actually burn the print. They struggled to set it on fire with a lighter.
“I remember standing there as I’m lighting this thing on fire, thinking, hey, this is paper. It should light on fire really easily. But if you look at the video, it looks
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