Damien Hirst Rolls Out 10,000 NFTs Each With A Choice Of Digital Or Paper
Image via HENI
Damien Hirst has launched a new project, named The Currency, his first NFT-based collection.
It comprises 10,000 non-fungible tokens (NFTs) that correspond to 10,000 unique works on paper, created back in 2016. The spotted works take inspiration from Hirst’s earlier paintings in the 1980s, and are currently being held in a “secure vault somewhere in the United Kingdom.”
The NFTs will go on sale on a new platform named Palm, which is said to be 99% more energy-efficient than Ethereum or Bitcoin, as per Artnet News.
Each of the NFTs has its own unique title, created through machine learning based on a database of the artist’s favorite song lyrics. Some works include Totally Gonna Sell You, Wet Moving Mirror, and Grandfathered to the Gang. While the pieces may look similar, no two works are the same, with each individually numbered, signed, and stamped by Hirst with a microdot and hologram portrait of himself.
However, Hirst’s NFTs come with a difficult choice. The buyer can choose to keep the NFT or exchange it for a physical work on paper. They’re given one year to make their decision, and those who don’t opt to exchange their NFTs before July 27, 2022, will see the corresponding artwork burned.
Hirst said this project “challenges the concept of value through money and art,” and forces consumers to address “their perception of value, and how it influences their decision.”
Everyone’s perception is inherently different, with some valuing the physical artwork well beyond the NFT, and others believing the digital token is the more valuable asset.
Collectors can apply for the NFTs starting this week, with the distribution beginning on July 29. Each NFT retails for US$2,000, and can be paid for in fiat money, Bitcoin, Ethereum, or just good ol’ credit. For more information on the project, head over here.
[via Artnet News, cover image via HENI]
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