I wouldn't say it's grafitti since there isn't any actual spray paint or permanent markings involved, but some game fan has managed to put up a mural of a Link sprite from the early Zelda series of games from... beer coasters!!
It's actually been made out of Carlton draught beer coasters from a pub that have been painted and stuck on the wall. Found near Swanston Street, near RMIT university in Melbourne, Australia.
This is yet another fantastic piece of game related public art work by those shifty Melournians, the last of which was seen hanging on a highway wall of the game "Tetris". That was made from roping up a few milk crates together. Pure genius.