Damien Hirst launches NFT experiment
Damien Hirst has created an NFT project that seeks to challenge our notions of the value of physical and digital works of art, and which requires the buyer to wager which will appreciate in value quickest.
The NFT project, known as ‘The Currency’, is a collection of 10,000 NFTs which correspond to 10,000 unique physical artworks designed by the famous artist.
The 10,000 physical pieces are unique enamel paintings containing multiple spots of colour in which no colour is repeated twice. The works have been designed on handmade paper and subsequently signed, numbered and titled, with a watermark and hologram picturing the artist himself, ensuring that they are extremely hard to forge.
Each handmade painting corresponds to a unique NFT and has a sale price of $2,000 per piece, though buyers must first successfully pass an application period, beginning this month and lasting for one week.
Sound simple enough? Well, not really. This is a project in which the buyer must actively participate: two months after making their purchase, collectors will be presented with a choice between keeping either the physical or digital artwork, with the other being destroyed. They will have 1 year to make this difficult decision, one that will challenge their perceptions of art and its value in an ever more digitised society.
The project is due to be launched on 14th July on the Palm platform, notably said to be 99% more energy efficient than Ethereum or Bitcoin.
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