Art
16,382 Hypes 10 Comments

Damien Hirst To Burn Thousands of Physical Works for NFT Project

Including 1,000 of his personally owned pieces.

Damien Hirst’s NFT project “The Currency” has come to an end, an experiment that explored the dynamics of art in Web3. As a result, collectors were left with a decision of whether they wanted to burn the NFT for a physical work of art or have the physical art burned and maintain ownership of the digital asset.

The decision by collectors came down to nearly a 50% split, meaning Hirst will have to burn close to 5,000 physical works of art — this includes 1,000 pieces owned by the artist himself, in a decision to burn 100% of his own physical works and keep all as NFTs.

A total of 5,149 NFTs were exchanged for their physical counterparts, meaning that the NFT version of the works is now slightly more scarce.

Inspired by bank notes, each physical work is handmade and started with a specially made piece of paper that features a watermark of Hirt’s head. The works also include unique handwritten titles like “I know you’re going to sell me,” and a hologram, signature, and micro dot for proof of authenticity.

The Currency was the artist’s first-ever NFT project and launched in July during what was the peak of the NFT market. The works that made up the collection were created in 2016 and then minted to the blockchain in partnership with HENI and Palm.

The burning of NFTs in exchange for a physical good or alternate perk is not unheard-of in the space, however, the burning of a physical of significant value in order to keep the NFT is a concept pioneered by Hirst.

“I have been in the physical art world a long time and I expect people to have agendas, and I’ve seen a lot of bollox and I’m amazed at how this community breeds support and seems to care about s**t so in the end, I decided I have to keep all my 1000 currency as NFTs,” tweeted Hirst.

Designed to explore the boundaries of art and currency, the project first went on sale for a mint price of roughly $2,000 USD. At the time of writing the floor price for the NFT works now sits at 5.6 ETH (approximately $9,000 USD).

Since The Currency, Hirst has launched another collection inspired by the art he did for Drake’s Certified Lover Boy album cover in November — the second collection was distributed as an airdrop to holders of The Currency NFT.

In other news, Daniel Arsham, Misha Kahn, and Andrés Reisinger design metaverse real estate for “The Row.”

For more news about blockchain, cryptocurrency, NFTs, and Web3, visit Hypemoon.com.

Read Full Article

What to Read Next

Erik Parker Releases ‘Bullet Proof’ With AllRightsReserved
Art

Erik Parker Releases ‘Bullet Proof’ With AllRightsReserved

Dropping today at 8pm PT at the DDTStore.

Henbo Henning Releases 'SHARK WEEK' Giclée Print
Art

Henbo Henning Releases 'SHARK WEEK' Giclée Print

Available to purchase for $100 USD.

Night Gallery Will Host a Major Fundraising Event in Aid of Reproductive Rights
Art

Night Gallery Will Host a Major Fundraising Event in Aid of Reproductive Rights

Featuring guest performances by Purity Ring and auctioned artwork by The Hundreds, Seth Rogen and more.

Louis de Guzman Partners With the Chicago Cubs on a Permanent Sculpture at Wrigley Field
Art

Louis de Guzman Partners With the Chicago Cubs on a Permanent Sculpture at Wrigley Field

Along with a smaller edition, tees and hoodies.

Artist Anouk Kruithof Compiled Thousands of YouTube Clips to Create a Dance-Themed Exhibition
Art

Artist Anouk Kruithof Compiled Thousands of YouTube Clips to Create a Dance-Themed Exhibition

‘Universal Tongue’ is on view at Museum Tinguely until October 30.


Everyday Mooonday Presents 'Vanguards of the Cosmos'
Art

Everyday Mooonday Presents 'Vanguards of the Cosmos'

A joint exhibition of work by Giorgiko and moonassi.

UNVEIL LIMITED Introduces "SIDE SPACE" With Inaugural Kila Cheung Exhibition
Art

UNVEIL LIMITED Introduces "SIDE SPACE" With Inaugural Kila Cheung Exhibition

Paying tribute to the local neighborhood’s garage culture.

Climate Activists Glued Their Hands to Botticelli’s ‘Primavera’ Painting
Art

Climate Activists Glued Their Hands to Botticelli’s ‘Primavera’ Painting

“In the same way that we defend our artistic heritage, we should be dedicated to the care and protection of the planet.”

Paola Pivi Invites You to Tumble Across an Immersive Denim Tunnel
Art

Paola Pivi Invites You to Tumble Across an Immersive Denim Tunnel

‘Free Land Scape’ is on view at Perrotin New York until July 29.

Daniel Arsham Reveals 'CRYSTALIZED SQUIRTLE' Sculpture
Art

Daniel Arsham Reveals 'CRYSTALIZED SQUIRTLE' Sculpture

Releasing Friday, July 29 at 12pm ET.

More ▾
 
We got you covered. Don’t miss out on the latest news by signing up for our newsletters.

By subscribing, you agree to our Terms of Use and Privacy Policy.
We got you covered. Don’t miss out on the latest news by signing up for our newsletters.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Looks like you’re using an ad-blocker

We charge advertisers instead of our readers. Support us by whitelisting our site.

Whitelist Us

How to Whitelist Us

screenshot
  1. Click the AdBlock icon in the browser extension area in the upper right-hand corner.
  2. Under “Pause on this site” click “Always”.
  3. Refresh the page or click the button below to continue.
screenshot
  1. Click the AdBlock Plus icon in the browser extension area in the upper right-hand corner.
  2. Block ads on – This website” switch off the toggle to turn it from blue to gray.
  3. Refresh the page or click the button below to continue.
screenshot
  1. Click the AdBlocker Ultimate icon in the browser extension area in the upper right-hand corner.
  2. Switch off the toggle to turn it from “Enabled on this site” to “Disabled on this site”.
  3. Refresh the page or click the button below to continue.
screenshot
  1. Click the Ghostery icon in the browser extension area in the upper right-hand corner.
  2. Click on the “Ad-Blocking” button at the bottom. It will turn gray and the text above will go from “ON” to “OFF”.
  3. Refresh the page or click the button below to continue.
screenshot
  1. Click the UBlock Origin icon in the browser extension area in the upper right-hand corner.
  2. Click on the large blue power icon at the top.
  3. When it turns gray, click the refresh icon that has appeared next to it or click the button below to continue.
screenshot
  1. Click the icon of the ad-blocker extension installed on your browser.You’ll usually find this icon in the upper right-hand corner of your screen. You may have more than one ad-blocker installed.
  2. Follow the instructions for disabling the ad blocker on the site you’re viewing.You may have to select a menu option or click a button.
  3. Refresh the page or click the button below to continue.